Widdrais mit hour paid hourly. Each employee earns 10 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:
Widdrais mit hour paid hourly. Each employee earns 10 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:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format
![Toper
paid
hourly. Each employee earns 10 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
2022 2023
$20.00 $21.00
(a)
Vacation Days
Used
by Each Employee
2022 2023
Year in which Vacation Time
Was Earned
2022
2023
07
Date
Assume that Flint Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation
time at expected future rates of pay without discounting. Flint uses the following projected rates to accrue vacation
time:
#
Sick Days Used
by Each
Employee
2022
4
Prepare the journal entries to record the transactions related to vacation entitlement during 2022 and 2023.
(Credit account titles are automatically indented when the amount is entered. Do not indent
manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Record journal entries in the order presented in
the problem.)
Projected Future Pay Rates Used
to Accrue Vacation Pay
$20.75 per hour
$21.60 per hour
Account Titles and Explanatio
2023
5
(To accrue the expense and liability for
vacations)
(To record vacation time paid)
(To accrue the expense and liability for
vacations)
Debit
드](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac92dbf6-898b-4a56-aeb2-f055afd4d544%2F98795550-872c-428b-ae59-7c50e0a56768%2Fhx7n90o_processed.png&w=3840&q=75)
Transcribed Image Text:Toper
paid
hourly. Each employee earns 10 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
2022 2023
$20.00 $21.00
(a)
Vacation Days
Used
by Each Employee
2022 2023
Year in which Vacation Time
Was Earned
2022
2023
07
Date
Assume that Flint Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacation
time at expected future rates of pay without discounting. Flint uses the following projected rates to accrue vacation
time:
#
Sick Days Used
by Each
Employee
2022
4
Prepare the journal entries to record the transactions related to vacation entitlement during 2022 and 2023.
(Credit account titles are automatically indented when the amount is entered. Do not indent
manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Record journal entries in the order presented in
the problem.)
Projected Future Pay Rates Used
to Accrue Vacation Pay
$20.75 per hour
$21.60 per hour
Account Titles and Explanatio
2023
5
(To accrue the expense and liability for
vacations)
(To record vacation time paid)
(To accrue the expense and liability for
vacations)
Debit
드
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