Journalize the Following Transactions for Riley Corporation: Dec $\quad$ The Accrued Product Warranty Expense for the Year Is Estimated

question 1

Essay

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

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Definitions:

Termination Meetings

Scheduled meetings where an employee is informed by management about their employment being ended.

Neutral Location

A place chosen for meetings, negotiations, or discussions that does not give advantage to any of the parties involved.

Employer's Premises

Physical locations owned or controlled by the employer where employees perform their work duties.

Positive Discipline Program

A strategy for managing employee behavior focusing on encouraging constructive behaviour through positive reinforcement rather than punishment.