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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![**Journalizing Transactions: Example 5. EX.10.183**
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.
- **Dec. 31**: The accrued vacation pay for the year is estimated to be $46,000.
- **Dec. 31**: Paid Reliable Insurance Co. $85,000 as fund trustee for the pension plan. The annual pension cost is $109,000.
*Instructions:* If an amount box does not require an entry, leave it blank.
For each date, there are line items to be completed in a journal entry format with dropdowns and boxes for amounts, organized for easy input, corresponding to the mentioned transactions.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a302e4e-684d-4b23-bf03-a90dbd6734f2%2F1f0eccf7-3112-48da-a85b-6393f371b886%2Fets44is_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Journalizing Transactions: Example 5. EX.10.183**
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.
- **Dec. 31**: The accrued vacation pay for the year is estimated to be $46,000.
- **Dec. 31**: Paid Reliable Insurance Co. $85,000 as fund trustee for the pension plan. The annual pension cost is $109,000.
*Instructions:* If an amount box does not require an entry, leave it blank.
For each date, there are line items to be completed in a journal entry format with dropdowns and boxes for amounts, organized for easy input, corresponding to the mentioned transactions.
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