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Journal entry for the payment of compensated absences

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Reference no: EM132636122

Red Hot Company compensates its employees for certain absences for vacation and sickness. Employees are entitled to one-day vacation plus one-day sick leave for each month worked during the year. Unused vacation days may be carried forward, but unused sick leave does not accumulate. Employees are compensated according to their pay in effect at the time of the leave. The following date were taken from the records for the year 2016.

Requirements

Question 1. Balance of the account Liability for Compensated Absences at 12.31.2015.

Question 2. Amount of Employee Benefit Cost for sick leave and vacation leave for the year 2016.

Question 3. Journal entry for the payment of compensated absences for sick leave and vacation leave during 2016.

Question 4. Entry for the accrual of compensated absences at 12.31.2016

Reference no: EM132636122

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