Prepare the journal entries to record the transactions related to sick days during 2022 and2023 Pina Colada Limited began operations on January 2, 2022. Pina Colada employs 9 individuals who work eight-hour days and are paidhourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of theyear 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 Rate2022$20.00 $22.002023Date2022Year in Which Vacation TimeWas Earned2023Vacation Days Usedby Each Employee202220222023020238Assume that Pina Colada Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation time atexpected future rates of pay without discounting. Pina Colada uses the following projected rates to accrue vacation time:Sick Days Usedby Each Employee20223utomatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry isquired, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)Salaries and Wages ExpenseSalaries and Wages Expense2023Projected Future Pay Rates Usedto Accrue Vacation Pay$20.75 per hour$22.60 per hourAccount Titles and Explanation4Debit00Credit

As the sick leaves expenses are recognized when they taken , the salaries expenses is debited and…

Answered: formation is as follows: Hourly Rate…

Business

Accounting

formation is as follows: Hourly Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Y.19.
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