Required

Prepare joumal entries to record transactions related to compensated absences during $207$ and $208.$

Calculate the amounts of any liability for compensated absences that should be reported on the balance sheet as at December $31,208.$

The Mai Anh Tong Company began operations on January ${?}^{st},207.$ It employs fifty individuals who work eight$-$hour days and are paid hourly. Each employee earns $15$ paid vacation days and $10$ paid sick days annually. Vacation days may be taken after January ${15}^{th}$ of the year following the year in which they are eamed. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows:

$\backslash$table$[[\backslash$table$[[$Actugl Hourly$],[$Wage Rate$]],\backslash$table$[[$Vacation Days Used$],[$by Each Employee$]],\backslash$table$[[$Sick Days Used$],[$by Each Employee$]]],[207,208,207,208,207,208$