Business, 05.07.2021 20:10 blessed4628

Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $13,000 of accrued vacation benefits for the year. During December, Maxum Company sold 12,000 units of a product that carries a 60-day warranty. December sales for this product total $460,000. The company expects 10% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $15. Required:
Prepare adjusting entries at December 31 for Maximum Company's year-end financial statements for each of the above separate transactions.

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Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $13,000...

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