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, 29 employees qualify for one vacation day each Tneiloversge daiy per eng Decembe: 29 employee quly for nvecaion esch. Their average daily wage is $230 per employee. 2. During December, Maxum Company sold 4,500 units of a product that carries a 60-day warranty. December sales for this product total $130,000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19 Prepare any necessary adjusting entries at December 31, 2017, for Maxum Company's year-end financial statements for each of the above separate transactions and events View transaction list Journal entry worksheet Employees earn vacation pay at a rate of one day per month. During December, 29 employees qualify for one vacation day each. Their average daily wage is $230 per employee. Record the related adjusting entry. Note: Enter debits before credits. Debit Credit General Journal Transaction Record entry Clear entry View general journal