Exercise 11-15 (Algo) 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 expenise $7,280 of accrued vacation benefits for the year. 2. During December, Maxum Company sold 4,000 units of a product that carries a 60 -day warranty December sales for this product total $133,000. The company expects 7% of the units to need warranty repairs, and ir estimates the average repar cost per unit will be $14 Prepare adjusting entries at December 31 for Maxum Company's year-end financial statements for each of the above separate transactions. Journal entry worksheet B Employees earn vacation pay at a rate of one day permonth. Maxum estimated and must expense $7,280 of accued vacation benefits for the year. Record the related adjusting entry. Prepare adjusting entries at December 31 for Maxum Company's year-end financial statemients for each of the above seppungte transactions. Journal entry worksheet Employees earn vacation pay at a rate of one day per month, Maxum estimated and must expense $7,280 of accrued vacation benefits for the year. Record the related adjusting entry. Note: Enter debits berore credits. Prepare adjusting entries at December \$1 for Maxum Company's year-end financial statements for each of the obave wparime transactions. Journal entry worksheet During December, Maxum Company sold 4,000 units of a product that carries a 60-day warranty. December sales for this product total $133,000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $14. Record the related adjusting Note: Enter debith before credits