Question

Exercise 13-3 (Part Level Submission) Riverbed Company began operations on January 2, 2016. It em...

Exercise 13-3 (Part Level Submission)

Riverbed Company began operations on January 2, 2016. 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 Hourly
Wage Rate

Vacation Days Used
by Each Employee

Sick Days Used
by Each Employee

2016

2017

2016

2017

2016

2017

$11 $12 0 10 6 7

Riverbed 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.

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(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)

0 0
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Answer #1

PAGE NO DATE: enAe 2016 solails and 2olb T0 4752一 1 Aolovis and wJagu 112 alle 6912 20 864o alayus 60y89PAGE NO.: DATE: I ola ll 8 ㄧㄧㄨㄧㄧ 11 8712 g le 112 6912 1o 1920 6336-u752 58y ー15.gu土6:913 ー(S904)一ー?592

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