Listed below are a few transactions and events of Jester Company. 1 During December, Jester Company sold 3,000 units of a product that carries a 60-day warranty. December sales for this product total $120,000. The company expects 8% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $15. 2.Employees earn vacation pay at a rate of one day per month. During December, 20 employees qualify for one vacation day each. Their average daily wage is $120 per employee. Prepare any necessary adjusting entries at December 31, 2011, for Jester Company's year-end financial statements for each of the above separate transactions and events.