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Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. Maxum estimated
Listed below are a few transactions and events of Maxum Company.
Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $ of accrued vacation benefits for the year.
During December, Maxum Company sold units of a product that carries a day warranty. December sales for this product total $ The company expects of the units to need warranty repairs, and it estimates the average repair cost per unit will be $
Prepare adjusting entries at December for Maxum Company's yearend financial statements for each of the above separate transactions.
Journal entry worksheet
A
B
Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $ of accrued vacation benefits for the year. Record the related adjusting entry.
Note: Enter debits before credits.
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