Please do not give solution in image format Toperpaidhourly. Each employee earns 10 paid vacation days and 7 paid sick days annually. Vacation days may be taken afterJanuary 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 Rate2022 2023$20.00 $21.00(a)Vacation DaysUsedby Each Employee2022 2023Year in which Vacation TimeWas Earned2022202307DateAssume that Flint Limited has chosen not to recognize paid sick leave until it is used, and has chosen to accrue vacationtime at expected future rates of pay without discounting. Flint uses the following projected rates to accrue vacationtime:#Sick Days Usedby EachEmployee20224Prepare 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 indentmanually. List all debit entries before credit entries. If no entry is required, select "No Entry" forthe account titles and enter 0 for the amounts. Record journal entries in the order presented inthe problem.)Projected Future Pay Rates Usedto Accrue Vacation Pay$20.75 per hour$21.60 per hourAccount Titles and Explanatio20235(To accrue the expense and liability forvacations)(To record vacation time paid)(To accrue the expense and liability forvacations)Debit드

Journal entry records the accounting transactions of a business in a journal book. All the business…

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:

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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