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Swifty Company began operations on January 2, 2019. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 13 paid

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Swifty Company began operations on January 2, 2019. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 13 paid vacation days and 8 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 Vacation Days Used by Each Employee 2019 2020 0 12 Sick Days Used by Each Employee 2019 2020 5 2019 $13 2020 $14 Swifty 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 Projected Future Pay Rates Time Was Earned Used to Accrue Vacation Pay 2019 $13.76 2020 14.85 Your answer is partially correct. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, mert Nofory for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is 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, eg. 5,125.) Debit Credit Date Account Titles and Explanation 2019 Salaries and Wages Expense 16224 16224 Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 6240 Cash 6240 (To record sick leave paid) No Entry 0 0 No Entry (To record vacation time paid) 2020 Salaries and Wapes Expense 17472 17472 Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense 10752 10752 Cash (To record sick leave paid) Salaries and Wages Expense 1152 Salatles and Waces Payable 14976 (To record vacation time paid) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. (Round answers to decimal places, eg. 5,125.) 2019 2020 17172 19854 Accrued liability

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