Journalize the following transactions: Dec. 31 The accrued product warranty expense for the year is estimated to be 1.5% of sales. Sales for the year totaled $7,760,000. 31 The accrued vacation pay for the year is estimated to be $46,000. 31 Paid Reliable Insurance Co. $85,000 as fund trustee for the pension plan. The annual pension cost is $109,000. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 Dec. 31

Journalize the following transactions: Dec. 31 The accrued product warranty expense for the year is estimated to be 1.5% of sales. Sales for the year totaled $7,760,000. 31 The accrued vacation pay for the year is estimated to be $46,000. 31 Paid Reliable Insurance Co. $85,000 as fund trustee for the pension plan. The annual pension cost is $109,000. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 Dec. 31

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Journalize the following transactions: Dec. 31 The accrued product warranty expense for the year is estimated to be 1.5% of sales. Sales for the year totaled $7,760,000. 31 The accrued vacation pay for the year is estimated to be $46,000. 31 Paid Reliable Insurance Co. $85,000 as fund trustee for the pension plan. The annual pension cost is $109,000.
Journalize the following transactions for Howard Company: Dec. 31 The accrued product warranty expense for the year is estimated to be 2.5% of sales. Sales for the year totaled $6,005,000. 31 The accrued vacation pay for the year is estimated to be $77,225. 31 Paid Reliable Insurance Co. $275,000 as fund trustee for the pension plan. The annual pension cost is $340,000. Please don't provide answer in image format thank you
h. Vacation pay expense for December, $10,500. Description Debit Credit i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Description Debit Credit j. Interest was accrued on the note receivable received on October 17. Assume 360 days per year. sem: Description Debit Credit
1. What is the warranty expense for the current year a. 70,000 c. 80,000 b. 50,000 d. 60,000 2. What is the warranty liability at year end? a. 10,000 c. 80,000 b. 70,000 d. 90,000
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10 month of december has 31 days
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