115.IT Saved Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company 1. 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 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 adjusting entries at December 31 for Maxum Company's year end financial statements for each of the above separate transactions ces View transaction list Journal entry worksheet A B > Employees carn vacation pay at a rate of one day per month. Maxum estimated and must expense $13,000 of accrued vacation benefits for the Year. Record the related adjusting entry. Note Entert before ret. Det Credit General Journal Tracto 1 Miam general purint Clear Record entry Next > Mc (Graw THER a