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Kingbird Company began operations on January 2,2025. It employs 10 individuals who work 8 -hour days and are paid hourly. Each employee earns 11 paid
Kingbird Company began operations on January 2,2025. It employs 10 individuals who work 8 -hour days and are paid hourly. Each employee earns 11 paid vacation days and 6 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. Kingbird 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. Account Titles and Explanation Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for sick pay) Salaries and Wages Payable Cash (To record payment for compensated time when used by employees) Salaries and Wages Expense Salaries and Wages Payable: (To accrue the expense and liability for vacations) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for sick pay) Debit 8800 Credit To accrue the expense and liability for vacations) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for sick pay) Salarles and Wages Payable Salaries and Wager Expense Cash (To record vacation time paid) Salaries and Wages Expense Salaries and Wages Payable Cash (To record sick leave paid)
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