L ord Company began persons on January 2, 2016. employs 10 individuals who work hour days and are pard hourly Each employee campadation des and pad s ay action days may be taken after January 15 of the year following the year in which they are eamed Sick days may be taken as soon as they are end used days accumulate Additional information is as follows. Actual Hourly Wage Rate 2017 Vacation Days Used by Each Employee 2017 Sick Days Used by Each Employee 2016 2017 $11 Concord Company has chosen to the cost of compet e nce s of pay in effect during the period when earned and to serve Prepare journal entries to record transactions related to compensated outs. Crea t es are calle d when an pay when earned during 2016 and 2017. ( try required entered. Do not indet many ) Date Account Titles and plante "Netry for the accounts and enter for the 2016 Sales and Wages Expense Credit (te cu the e nd for Sales and Wages En Sales and we To record payment for compensated time when used by m oves 2012 and wages Expense O STA 2017 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 Expense Salaries and Wages Payable Cash (To record Vacation time paid) Salaries and Wages Expense Salaries and Wages Payable Cash (To record sick leave paid) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017. 2016 Vacation Wages Payable Sick Pay Wages Payable Date Account Titles and Explanation Debit Credit 2016 Salaries and Wages Expense 7,920 7,920 Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 3,520 3,520 Salaries and Wages Payable (To accrue the expense and liability for sick pay) 1 Salaries and Wages Payable TCash (To record payment for compensated time when used by employees) 2017 Salaries and Wages Expense | Salaries and Wages Payable (To accrue the expense and liability for vacations) 8,640 Salaries and Wages Expense 4,800 Salaries and Wages Payable (To accrue the expense and liability for sick pay) Salaries and Wages Expense --- 640 Salaries and Wages Payable 7,040 T (To record payment for compensated time when used by employees) 017 Salaries and Wages Expense 8,640 Salaries and Wages Payable 8,640 (To accrue the expense and liability for vacations) Salaries and Wages Expense 4,800 Salaries and Wages Payable 4,800 (To accrue the expense and liability for sick pay) Salaries and Wages Expense 640 Salaries and Wages Payable 7,040 Cash (To record vacation time paid) 7,680 Salaries and Wages Expense Salaries and Wages Payable Cash (To record sick leave paid) SHOW ITCY ABACAL