0??https://newconnect.mheducation.com/flow/connecthtml apter 9 and Appendix B (b

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0??https://newconnect.mheducation.com/flow/connecthtml apter 9 and Appendix B (back of book) Practice 5 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, 20 employees quality for one vacation day each 0 83 points Their average daily wage is $160 per employee. 2 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 ????? Prepare any necessary adjusting entries at December 31,2017, for Maxum Companys year-end financial statements for each of the above separate transactions and events Prirt View transaction list References Journal entry worksheet Employees earn vacation pay at a rate of one day per month. During December, 20 employees qualify for one vacation day each. Their average daily wage is $160 per employee. Record the related adjusting entry Transaction General Journal Debit Credit

Explanation / Answer

Transaction General Journal Debit Credit 1 Vacation benefits expense(20 employees × 1 day × $160) $3,200 Vacation benefits payable $3,200 2 Warranty expense(12,000 units × 10% × $15) $18,000 Estimated warranty liability $18,000

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