Pearl Company began operations on January 2, 2025. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee 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 earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee 2025 2026 2025 2026 2025 2026 $8 $9 0 10 4 5 Pearl 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 earned. (a) Your answer is partially correct. Prepare journal entries to record transactions related to compensated absences during 2025 and 2026. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Prepare journal entries to record transactions related to compensated absences during 2025 and 2026. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit 2025 Salaries and Wages Expense 2026 Salaries and Wages Payable (To accrue the expense and liability for vacations) Salaries and Wages Expense Salaries and Wages Payable (To accrue the expense and liability for sick pay) Salaries and Wages Payable Cash (To record payment for compensated time when used by employees) Salaries and Wages Expense Salaries and Wages Pavable

Sheffield Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 10 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 HourlyWage Rate   Vacation Days Usedby Each Employee   Sick Days Usedby Each Employee 2019   2020   2019   2020   2019   2020 $6     $7     0   9   6   7 Sheffield 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 earned. (a)   Correct answer icon Your answer is correct 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…

Sheffield Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 10 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 HourlyWage Rate   Vacation Days Usedby Each Employee   Sick Days Usedby Each Employee 2019   2020   2019   2020   2019   2020 $6     $7     0   9   6   7 Sheffield 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 earned. (a)     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 0 for the amounts. Credit…

Marin Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 9 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 HourlyWage Rate   Vacation Days Usedby Each Employee   Sick Days Usedby Each Employee 2019   2020   2019   2020   2019   2020 $11     $12     0   8   5   6 Marin 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 earned. prepare journal entries to record transactions related to compensated absences during 2019 and 2020. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and…

Wise Company began operations on January 2, 2019. It employs  9 individuals who work 8-hour days and are paid hourly. Each employee earns  11 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 HourlyWage Rate   Vacation Days Usedby Each Employee   Sick Days Usedby Each Employee 2019   2020   2019   2020   2019   2020 $ 11     $ 12     0   10   6   7 Wise 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 earned. Part A: Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. 2019 (to accrue the exp & liability for vacation) (to accrue the exp & liability for sick pay) (to record pymt for…

Waterway Company began operations on January 2, 2025. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 12 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 Used Wage Rate by Each Employee Sick Days Used by Each Employee 2025 2026 2025 2026 2025 2026 $12 $13 0 10 5 6 Waterway 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 2025 2026 Projected Future Pay Rates Used to Accrue Vacation Pay $12.45 13.45 (a) Prepare journal entries to record transactions related to compensated absences during 2025…

Sheffield Company began operations on January 2, 2019. It employs 11 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 HourlyWage Rate   Vacation Days Usedby Each Employee   Sick Days Usedby Each Employee 2019   2020   2019   2020   2019   2020 $13     $14     0   11   5   6 Sheffield 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 VacationTime Was Earned   Projected Future Pay RatesUsed to Accrue Vacation Pay 2019   $13.65 2020     14.73…

Ayayai Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 9 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 HourlyWage Rate   Vacation Days Usedby Each Employee   Sick Days Usedby Each Employee 2019   2020   2019   2020   2019   2020 $6     $7     0   8   5   6 Ayayai 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 earned.   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 0 for the amounts. Credit account titles are automatically…

Ayayai Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 9 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 HourlyWage Rate   Vacation Days Usedby Each Employee   Sick Days Usedby Each Employee 2019   2020   2019   2020   2019   2020 $6     $7     0   8   5   6 Ayayai 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 earned.   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 0 for the amounts. Credit account titles are automatically…

Cullumber Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 9 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 earned; unused sick days accumulate. Additional information is as follows. Actual HourlyWage Rate   Vacation Days Usedby Each Employee   Sick Days Usedby Each Employee 2019   2020   2019   2020   2019   2020 $11     $12     0   8   4   5 Cullumber 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 earned. 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 0 for the amounts. Credit account titles are…