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Question
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. |
Answer
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