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Exercise 13-03 Oriole 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 Wage Rate 2019 2020 $12 $13 Vacation Days Used by Each Employee 2019 2020 Sick Days Used by Each Employee 2019 _ 2020 Oriole 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 partially correct. Try again. 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 2010 Salaries and Wages Expen: 8640 8640 T Salaries and Wages Pay (To accrue the expense and liability for vacations) Salaries and Wages Expen: 6720 Salaries and Wages Pay 6720 Salaries and Wages Payabl 4800T 4800 Cash (To record payment for compensated time when used by employees) 2021 2020 Tsalaries and Wages Expen: 9360 9360 T Salaries and Wages Pay (To accrue the expense and liability for vacations) TSalaries and Wages Expen: 7280 T 7280 Salaries and Wages Pay (To accrue the expense and liability for sick pay) TSalaries and Wages Expen: Tsalaries and Wages Payabi Cash 8320 (To record vacation time paid) TSalaries and Wages Expen: Salaries and Wages Payabi T Cash 6240 Your answer is partially correct. Try again. 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 T 8640 9360) Sick Pay Wages Payable 6720 7280 Click if you would like to Show Work for this question: Open blank Show Work Copy Show Work from Previous attempt