Roberts Company is preparing monthly adjusting entries Roberts Company is preparing monthly adjusting entries at December 31. An analysis reveals the following: 1. During December, Roberts Company sold 4,000 units of a product that carries a 60-day warranty. The sales for this product totaled $100,000. The company expects 4% of the units to need repair under the warranty and it estimates that the average repair cost per unit will be $15. 2. The company has been sued by a disgruntled employee. Legal counsel believes that it is possible that the company will have to pay $200,000 in damages. 3. The company has been named as one of several defendants in a $400,000 damage suit. Legal counsel believes it is unlikely that the company will have to pay any damages. 4. Employees earn vacation pay at a rate of 1 day per month. During December, ten employees qualify for vacation pay. Their average daily wage is $80 per employee. Instructions Prepare adjusting entries, if required, for each of the four items. Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help
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