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Bailey Corporation began business on January 2, 2019, with five employees. Its sick leave and vacation policy follow: Each employee is allowed 8 days of sick leave each year and one dayof paid vacation leave for each month worked. The accrued vacation cannot be taken until the employee has been with the company 1 year. The sick leave, if not used accumulates to an 18- day maximum. The vacation leave accumulates for 5 years, but at any time the employee may request compensation in lieu of taking paid vacation leave. The company records its liability for both compensated absences on a quarterly basis. The daily gross wages for each employee are $180.
Instructions:
Problem 1. Prepare the journal entries to record the compensated absences for the first quarter of 2019. Three sick days were used by employees in the first quarter.
Problem 2. A partial interim balance sheet showing the liability balances for compensated absences at March 31, 2019.
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