Journal Entries: | |||||
1) | Debit $ | Credit $ | Calculations | ||
Debit | Vacation Expense | 3000 | 150*20 | ||
Credit | Accrued Vacation Liability | 3000 | |||
(being accrued vacation liability made due) | |||||
2) | |||||
Debit | Warranty Expense | 6660 | 3700*10%*$18 | ||
Credit | Accrued Warranty Liability | 6660 | |||
(being accrued warranty liability raised ) |
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay...
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, 20 employees qualify for one vacation day each. Their average daily wage is $150 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 l $127,000. The company expects 10% of the units to need warranty repairs, and it estimates...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. During December, 26 employees qualify for one vacation day each. Their average daily wage is $150 per employee. During December, Maxum Company sold 3,300 units of a product that carries a 60-day warranty. December sales for this product total $135,000. The company expects 5% of the units to need warranty repairs, and it estimates the average repair...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. During December, 24 employees qualify for one vacation day each. Their average daily wage is $190 per employee. During December, Maxum Company sold 3,300 units of a product that carries a 60-day warranty. December sales for this product total $133,000. The company expects 8% of the units to need warranty repairs, and it estimates the average repair...
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, 37 employees qualify for one vacation day each. Their average daily wage is $130 per employee. 2. During December, Maxum Company sold 3,000 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 9% of the units to need warranty repairs, and it estimates the...
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 $10,730 of accrued vacation benefits for the year. During December, Maxum Company sold 4,000 units of a product that carries a 60-day warranty. December sales for this product total $124,000. The company expects 6% of the units to need warranty repairs, and it estimates the average repair cost per unit will be...
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 $3,380 of accrued vacation benefits for the year. During December, Maxum Company sold 3,900 units of a product that carries a 60-day warranty. December sales for this product total $130,000. The company expects 5% of the units to need warranty repairs, and it estimates the average repair cost per unit will be...
Exercise 11-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. During December, 39 employees qualify for one vacation day each. Their average daily wage is $280 per employee. During December, Maxum Company sold 4,900 units of a product that carries a 60-day warranty. December sales for this product total $121,000. The company expects 5% of the units to need...
Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. During December, 36 employees qualify for one vacation day each. Their average daily wage is $250 per employee. During December, Maxum Company sold 3,900 units of a product that carries a 60-day warranty. December sales for this product total $129,000. The company expects 8% of the units to need...
Exercise 9-12 Accounting for estimated liabilities LO P4 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 $5,100 of accrued vacation benefits for the year. During December, Maxum Company sold 3,400 units of a product that carries a 60-day warranty. December sales for this product total $127,000. The company expects 7% of the units to need warranty repairs, and it estimates...
Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $5,510 of accrued vacation benefits for the year. During December, Maxum Company sold 3,600 units of a product that carries a 60-day warranty. December sales for this product total $124,000. The company expects 9% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $12. Prepare adjusting entries at December 31 for Maxum Company’s year-end...