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Exercise 11-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay ata rate of one day per month. During December, 38 employees QUallfy for one vacation day each. Their average daily wage is $130 per employee. 2. During December, Maxum Company sold 3,700 units of a product that carries a 60-day warranty. December sales for this product total $130,000. The company expects 8% of the units to need warranty repairs, and it estimates the average repair cost per unit will be 519. Prepare any necessary adjusting entries at December 31, 2015, for Maxum Company's year-end financial statements for each of the above separate transactions and events. . . . if . "mw"? vrewtransactlonlist 35 View general journal i f i Menu "ml ..'n-.-m-m.w bmAW ngn-rxflmr-w Transaction General Journal 1 Vacation benefits expense Vacation benefits payable 2 Warranty expense Estimated warranty liability