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Prepare adjusting entries at december 31 for maxum company

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Reference no: EM132354291

Part 1

1. On July15. Piper Co. sold $17.000 of merchandise (costing $8.500) for cash. The sales tax rate is 5%. On August 1. Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions.

2. On November 3. the Milwaukee Bucks sold a six game pack of advance tickets for $510 cash. On November 20. the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.

Record the entry for cash sales and its sales taxes.

Part 2

1. Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $4.620 of accrued vacation benefits for the year.

2. During December. Maxum Company sold 4.000 units of a product that carries a 60-day warranty. December sales for this product total $140.000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $15.

Prepare adjusting entries at December 31 for Maxum Company's year-end financial statements for each of the above separate transactions. Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $4,620 of accrued vacation benefits for the year. Record the related adjusting entry.

Reference no: EM132354291

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