Essay
Journalize the following transactions for Riley Corporation:Dec. 31The accrued product warranty expense for the year is estimated to be 2.5% of sales. Sales for the year totaled $8,850,000.31The accrued vacation pay for the year is estimated to be $75,000.31Paid First Insurance Co. $55,000 as fund trustee for the pension plan. The annual pension cost is $87,000.
Correct Answer:
Verified
Correct Answer:
Verified
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