Business, 27.06.2020 01:01 moranmar2283

Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 23 employees qualify for one vacation day each. Their average daily wage is $160 per employee. 2. During December, Maxum Company sold 3,900 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19. Prepare any necessary adjusting entries at December 31, 2013, for Maxum Company’s year-end financial statements for each of the above separate transactions and events. Entry #1:Employees earn vacation pay at a rate of one day per month. During December, 23 employees qualify for one vacation day each. Their average daily wage is $160 per employee. Prepare the related adjusting entry.
Entry #2:During December, Maxum Company sold 3,900 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19.
Prepare the related adjusting entry.

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Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a...

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