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will upvote Pronghorn Company began operations on January 2,2025 . It employs 10 individuals who work 8 -hour days and are paid hourly. Each ermployee
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Pronghorn Company began operations on January 2,2025 . It employs 10 individuals who work 8 -hour days and are paid hourly. Each ermployee earns 11 paid vacation days and 6 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 eamed; unused sick days accumulate. Additional information is as follows. Pronghorn 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 earried. Prepare journal entries to record transactions related to compensated absences during 2025 and 2026. (If no enitry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) (To record payment for compensated time when used by employees) 2026 Salariesand Wages Expense Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wakes Expense Sararien and Wages Payable (To accrue the expense and Hability for sick pay) Shianes and Wases Fuencie Salarinvand Wogec Powable Cowh (To record vacatich time paid) (To accrue the expense and liability for sick pay) Silaries and Wages Expense Salaries and Wages Payable Cash (To record vacation time paid) Salaries and Wages Expense 5alaries and Wagies Payable Cash (To record sick leave paid) Step by Step Solution
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