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Please show all work. Thank you Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required,
Please show all work. Thank you
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 for the amounts. Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to decimal places, es 5,125) Date Account Titles and Explanation Debit Credit 2019 Riverbed Company began operations on January 2.2019. It employs 12 individuals who work B-hour days and are paid hourly. Each employee eams 13 paid vacation days and paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are carned. Sick days may be taken as soon as they are carned: unused sick days accumulate. Additional infarinationis is allows. (TO accrue the expense and liability for vacations) Vacation Days Actual Hourly Wage Rate Sick Days Used by Each Employee (To record sick leave paid) Used by Each Employee 2019 2020 12 2019 2019 2020 2020 $14 $13 7 (To record vocation time paid) Riverbed Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the fallowing projected rates to accruc vacation time. 2020 (To accrue the expense and liability for vacations) Year in which Vacation Time Was Earned 2019 2020 Projected Future Pay Rates Used to Accrue Vacation Pay $13.98 15.00 (To record sick leave paid) (To record vacation time pald)Step by Step Solution
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