Business, 21.05.2020 20:04 juliagearhart9p229te
Ayayai Company began operations on January 2, 2016. It employs 11 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
Wage Rate
Vacation Days Used
by Each Employee
Sick Days Used
by Each Employee
2016
2017
2016
2017
2016
2017
$8 $9 0 10 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.
Collapse question part
(a)
Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (If no entry 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.)
Date
Account Titles and Explanation
Debit
Credit
2016
(To accrue the expense and liability for vacations)
(To accrue the expense and liability for sick pay)
(To record payment for compensated time when used by employees)
2017
(To accrue the expense and liability for vacations)
(To accrue the expense and liability for sick pay)
(To record vacation time paid)
(To record sick leave paid)
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Ayayai Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days a...
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