Sheffield 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. Vacation Days Used Actual Hourly Wage Rate Sick Days Used by Each Employee by Each Employee 2016 2017 2016 2017 2016 2017 $9 $10 10 Sheffield 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. Your answer is partially correct. Try again 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.) Debit Date Account Titles and Explanation 2016Salaries and Wages Ex 92 alaries and Wages Payabl To accrue the expense and liability for vacations) alaries and Wages Expens alaries and Wages Payabl (To accrue the expense and liability for sick pay) alaries and Wages Payab 60 60 (To record payment for compensated time when used by employees) 2017 Salaries and Wages Ex alaries and Wages Payabl (To accrue the expense and liability for vacations) alaries and Wages Exp alaries and Wages Payabl (To accrue the expense and liability for sick pay) alaries and Wages Ex alaries and Wages Payabl (To record vacation time paid) alaries and Wages Ex 240 alaries and Wages Payabl a5 (To record sick leave paid) x Your answer is incorrect. Try again. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017 2016 2017 Vacation Wages Payable Sick Pay Wages Payable