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The Mai Anh Tong Company began operations on January 1,2022. It employs 50 individuals who...

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Accounting

The Mai Anh Tong Company began operations on January 1,2022. It employs 50 individuals who
work eight-hour days and are paid hourly. Each employee earns 15 paid vacation days and 10 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 eared; unused sick days accumulate. Additional information is as follows:
The Mai Anh Tong 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.
Required
Prepare journal entries to record transactions related to compensated absences during 207 and 208
Calculate the amounts of any liability for compensated absences that should be reported on the balance sheet
as at December 31,20x8.
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