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Question 1 of 8 View Policies Current Attempt in Progress...

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Accounting

Question 1 of 8
View Policies
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Shamrock Company began operations on January 2,2025. It employs 11 individuals who work 8-hour days and are paid hourly. Each
employee earns 12 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.
Shamrock 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.
(a)
Prepare journal entries to record transactions related to compensated absences during 2025 and 2026.(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. List all debit entries before credit entries.)
Date Account Titles and Explanation
Debit
Credit
2025
(To accrue the expense and liability for vacations)
(To record sick leave paid)
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