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:

Rate of Interest

The percentage of a sum of money charged for its use, typically expressed as an annual percentage rate.

Households

Units in an economy consisting of one or more people who live in the same dwelling and share meals or living accommodation, and may consist of a single family or some other grouping of people.

Aggregate Demand

Cumulative need for every type of good and service in an economy, observed at a consistent overall price point across a chosen period.

Money Supply

The total economic monetary resources present at a specific time.