ccounting for estimated liabilities LO P4 Listed below are a few transactions and events of Centennial Company 1. Employees eam vacation pay at a rate of one day per month. Centennial estimated and must expense $11.470 of accrued vacation benefits for the year 2. During December, Centennial Company sold 3.500 units of a product that carries a 60-day warranty, Decembet sales for the product total $121,000. The company expects 6% of the units to need warranty repairs and it estimates the average repair cost per unit will be $18 Prepare adjusting entries at December 31 for Centennial Company's year-end tirancial statements for each of the above separate transactions View transaction test Journal entry worksheet A Employees eam vacation pay at a rate of one day per month. Maxum estimated and must expense $11.470 of accrued vacation benefits for the Year. Record the related adjusting entry