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Question
Journalize the following transactions for Howard Company:
| Dec. 31 | The accrued product warranty expense for the year is estimated to be 2.3% of sales. Sales for the year totaled $6,005,000. |
| | |
| 31 | The accrued vacation pay for the year is estimated to be $75,225. |
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| 31 | Paid Reliable Insurance Co. $275,000 as fund trustee for the pension plan. The annual pension cost is $350,000. |
Answer
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