Business, 08.11.2019 18:31 yairreyes01

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, 23 employees qualify for one vacation day each. their average daily wage is $160 per employee. 2. during december, maxum company sold 3,900 units of a product that carries a 60-day warranty. december sales for this product total $123,000. 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, 2013, for maxum company’s year-end financial statements for each of the above separate transactions and events.

entry #1: employees earn vacation pay at a rate of one day per month. during december, 23 employees qualify for one vacation day each. their average daily wage is $160 per employee. prepare the related adjusting entry.

entry #2: during december, maxum company sold 3,900 units of a product that carries a 60-day warranty. december sales for this product total $123,000. the company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19. prepare the related adjusting entry

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Listed below are a few transactions and events of maxum company. 1. employees earn vacation pay at a...

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