Just need help with the ones highlighted in red.
Marigold Company began operations on January 2, 2019. It employs 8 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee ee 2019 $10 2020 $11 2019 0 2020 2019 105 2020 6 Marigold Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2019 Salaries and Wages Expense 7040 Salaries and Wages Payable 7040 (To accrue the expense and liability for vacations) Salaries and Wages Expense 4480 Salaries and Wages Payable 4480 (To accrue the expense and liability for sick pay) Salaries and Wages Payable 3200 3200 Cash (To record payment for compensated time when used by employees) 2020 Salaries and Wages Expense 7744 Salaries and Wages Payable 7744 (To accrue the expense and liability for vacations) Salaries and Wages Expense 4928 Salaries and Wages Payable 4928 (To accrue the expense and liability for sick pay) Salaries and Wages Expense 640 Salaries and Wages Payable 6400 Cash 7040 Cash 7040 (To record vacation time paid) Salaries and Wages Expense 832 Salaries and Wages Payable 3392 Cash 4224 (To record sick leave paid) eTextbook and Media List of Accounts - Your answer is partially correct. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. 2019 2020 Vacation Wages Payable $ 7040 5696 Sick Pay Wages Payable $ 1280 $ 256 Marigold Company began operations on January 2, 2019. It employs 8 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee ee 2019 $10 2020 $11 2019 0 2020 2019 105 2020 6 Marigold Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2019 Salaries and Wages Expense 7040 Salaries and Wages Payable 7040 (To accrue the expense and liability for vacations) Salaries and Wages Expense 4480 Salaries and Wages Payable 4480 (To accrue the expense and liability for sick pay) Salaries and Wages Payable 3200 3200 Cash (To record payment for compensated time when used by employees) 2020 Salaries and Wages Expense 7744 Salaries and Wages Payable 7744 (To accrue the expense and liability for vacations) Salaries and Wages Expense 4928 Salaries and Wages Payable 4928 (To accrue the expense and liability for sick pay) Salaries and Wages Expense 640 Salaries and Wages Payable 6400 Cash 7040 Cash 7040 (To record vacation time paid) Salaries and Wages Expense 832 Salaries and Wages Payable 3392 Cash 4224 (To record sick leave paid) eTextbook and Media List of Accounts - Your answer is partially correct. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. 2019 2020 Vacation Wages Payable $ 7040 5696 Sick Pay Wages Payable $ 1280 $ 256
