Thank you so much for the help. I have already put down the names of the account

Question

Thank you so much for the help. I have already put down the names of the accounts. Please show all work to ensure accuracy.

Exercise 13-4 Riverbed Company began operations on January 2, 2016. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 11 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 2016 2017 Vacation Days Used by Each Employee Sick Days Used by Each Employee 2016 2017 2016 2017 $11 $12 10 Riverbed Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time Year in Which Vacation Projected Future Pay Rates Time Was Earned 2016 2017 Used to Accrue Vacation Pay $11.72 12.64

Explanation / Answer

Date Account title and explanation Debit ($) Credit ($) 2016 Salaries and Wages expense          1,289 Salaries and Wages payable                    1,289 (To accrue the expenses and liability for vacations) Salaries and Wages expense             440 Cash                        440 (To record sick leave paid) 2017 Salaries and Wages expense          1,400 Salaries and Wages payable                    1,400 (To accrue the expenses and liability for vacations) Salaries and Wages expense             600 Cash                        600 (To record sick leave paid) Salaries and Wages expense                 -   Salaries and Wages payable          1,172 Cash                    1,172 (To record vacation time paid) Working 2016 Days Opening vacation days                 -   Vacation days given                11 Vacation days used                 -   Closing vacation days                11 Per hour rate          11.72 Accrued pay per employee             129 No of employees                10 Total Accrued vacation pay          1,289 2017 Days Per hour rate Total Opening vacation days                11                    11.72             129 Vacation days given                11 Vacation days used                10                    11.72             117 Closing vacation days Accural                12                    12.64             152 Balance opening vacation days                  1                           -                  12 Current year accrual             140 No of employees 10 Total Accrued vacation pay          1,400 Vacation hours paid during the year Vacation days payment per employee                        117 No of employees                          10 Total vacation days paid                    1,172 Sick days 2016 2017 Sick days availed 4 5 Hourly rate 11 12 Total per employee 44 60 No of employees 10 10 Sick days paid 440 600

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