Exercise 9-15 (Algo) Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company 1. Employees eam vacation pay at a rate of one day per month. Maxum estimated and must expense $10.540 of accrued vacation benefits for the year 2. During December Maxum Company sold 3.700 units of a product that carries a 60 day warranty, December sales for this product total $120,000 The company expects 10% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $16 Prepare adjusting entries at December 31 for Maxum Company's year-end financial statements for each of the above separate transactions View transaction list Journal entry worksheet A B > Employees earn vacation pay at a rate of one day per month Maxum estimated and must expense $10,540 of accrued vacation benefits for the year. Record the related adjusting entry. Mate Enter debits before credits Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $10,540 of accrued vacation benefits for the year. Record the related adjusting entry. Note: Enter bits before credits General Journal Debit Transaction 1 Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet During December, Maxum Company sold 3,700 units of a product that carries a 60-day warranty. December sales for this product total $120,000. The company expects 10% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $16. Record the related adjusting Norter debits before credits General Journal Debit Credit Transaction 2 Record entry Clear entry View general Journal