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Mathewson Company began operations on January 2, 2012. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid...

Mathewson Company began operations on January 2, 2012. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 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.

Actual Hourly Vacation Days Used Sick Days Used


Wage Rate


by Each Employee


by Each Employee
2012 2013 2012 2013 2012 2013
$12 $13 0 9 4 5

Mathewson 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.

(a) Prepare journal entries to record transactions related to compensated absences during 2012 and 2013.

What I need is:
1.(To accrue expense and liability for compensated absences in 2012).
2. (To accrue expense and liability for compensated absences in 2013.)
3. (To record payment for compensated time when used by employees in 2012)
4. (To record payment for compensated time when used by employees in 2013)

and then:

Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2012 and 2013:
Vacation Wages Payable-2012 $
Sick Pay Wages Payable-2012 $
Vacation Wages Payable-2013 $
Sick Pay Wages Payable-2013 $
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Accounting-8087441.xls

Matthewson Company began operations on January 2, 2012. It employs 9 individuals who work 8-hour days
and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually....

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