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Flounder Limited began operations on January 2, 2019. The company employs 6 individuals who work 8 hour days and are paid hourly. Each employee earns 10 paid vacation days 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 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 2019 2020 2019 2020 2019 2020 $20 $22 0 9 5 Assume that Flounder 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. Flounder uses the following projected rates to accrue vacation time: Projected Future Pay Rates Used Year in which Vacation Time Was Earned to Accrue Vacation Pay 2019 $20.75 per hour 2020 $22.60 per hour (a) Prepare the journal entries to record the transactions related to vacation entitlement during 2019 and 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 2019 Salarles and Wages Expense 9960 Salarles and Wages Payable (To accrue the expense and liability for vacations) (To record vacation time paid) (To accrue the expense and liability for vacations) (To record vacation time paid) 2019 2020 2020 100 9960 Anonymous answered this 1,069 answers Was this answer helpful? 0 A Chegg user has reported this answer for abuse Abuse category: Spam Solution Working Note X (1) Acenud Vacation time [paid vacation days x working how per day x future pay rate of employers ] X no. (3) Paid vacation /asick leave - [no. of vacation for sick days" taken x working hours perday /x actual hourly wage rate x no. of employer For 2019 D Acord Vacation time (10) 8 huesday $20.75/4x 6) ((Ginen). days 49960 Paid Vacation leave No leave taker) 1