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Please show me how to get the answer and the calculations. Concord Company began operations on January 2, 2019. It employs 10 individuals who work
Please show me how to get the answer and the calculations.
Concord Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 11 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 Sick Days Used Used Wage Rate by Each by Each Employee Employee 2019 2020 2019 2020 2019 2020 $11 0 10 4 5 $12 Concord 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 following projected rates to accrue vacation time. Year in which Vacation Time Was Earned 2019 2020 Projected Future Pay Rates Used to Accrue Vacation Pay $11.72 12.64 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 0 decimal places, e.g- 5.125.) Debit Credit 9680 Date Account Titles and Explanation 2019 Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 9680 3520 352 (To record sick leave paid) No Entry No Entry (To record vacation time paid) Salaries and Wages Expense 2020 10560 10561 Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 4800 cas 480 (To record sick leave paid) Salaries and Wages Expense 8800 Salaries and Wages Payable 880 cas 960 (To record vacation time paid)Step by Step Solution
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