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. During December, 26 employees quallfy for one vacation day each. Their average dally wage is $130 per employee 2. During December, Maxum Company soid 3,100 units of a product that carries a 60-day warranty. December sales for this product total $125,000. The company expects 9% of the units to need warranty repairs, and t estimates the average repair cost per unit will be $11. Prepare any necessary adjusting entries at December 31, 2017, for Maxum Company's year-end financlal statements tor each of the above separate transactions and events View transaction list View journal entry worksheet No Transactic General Journal Debit Credit Vacation benefits expense Vacation benefits payable 2 Warranty expense Estimated warranty liability