Marigold Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 9 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 Vacation Days Used Sick Days Used Wage Rate by Each Employee by Each Employee 2019 2020 2019 2020 2019 2020 513 5 6 $12 0 8 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 Your answer is correct Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. Of no entry is required, select "No Entry for the account titles and enter 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 8640 Salaries and Wapes Payable 8640 (To accrue the expense and liability for vacations) Salaries and Wages Expense 6720 Salaries and Wages Payable 6720 (To accrue the expense and liability for sick pay) Salaries and Wages Payable 4800 Can 4800 (To record payment for compensated time when used by employees) 2020 Salaries and expense 9360 Susand Wipe Payable 9360 To accrue the expense and liablity for vacations) (To accrue the expense and liability for vacations) Salaries and Wages Expense 7280 Salaries and Wages Payable 7280 (To accrue the expense and liability for sick pay) Salaries and Wages Expense 640 Salaries and Wages Payable 7680 Cash 8320 (To record vacation time paid) Salaries and Wores Expense 160 Salaries and Woes Payable 6080 Cash 6200 (To record sick leave paid) 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 $ 8640 1,040 Sick Pay Wages Payable S 1920 1,040 eTextbook and Media List of Accounts