Question 5 Flint Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns...
would anyone be able to help me out with this accounting question? Thanks in advance
Question 5 Flint Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacationdays and 6 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 assoon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Vacation Days Used Sick Days UsedWage Rate by Each Employee by Each Employee 2016 2017 2016 2017 2016 2017$7 $8 0 9 4 5 Flint 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. V (3)Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (If no entry is required, select "No Entry" for theaccount 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 Credit20 16 (To accrue the expense and liability for vacations) (To accrue the expense and liability for sick pay)