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June 11 a retailer sells a trimmer for $400 with a one-year warranty that covers parts. Warranty expense is estimated at 5% of sales. On March 24 of the next year, the trimmer is brought in for repairs covered by warranty requiring $15 in materials. The entry to record the warranty repair on March 24th would include a.. Group of answer choices a. Credit to Estimated Warranty Liability for $15.00 b. Credit to Repair Parts Inventory for $15.00 c. Debit to Warranty Expense for $15.00 d. Debit to Warranty Expense for $20.00

On September 1, Home Store sells a mower (that costs $200) for $500 with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $35 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs.

On June 11 of the current year, a retailer sells a trimmer for $400 with a one-year warranty that covers parts. Warranty expense is estimated at 5% of sales. On March 24 of the next year, the trimmer is brought in for repairs covered under the warranty requiring $15 in materials taken from the Repair Parts Inventory. Prepare the (a) June 11 entry to record the trimmer sale—ignore the cost of sales part of this sales entry—and (b) March 24 entry to record warranty repairs.

Chapters 8-9-10-11 & RätiðS 1 [The following information applies to the questions displayed below.] Hitzu Company sold a copier (that costs $6,500) for $13,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $138 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copier. 1. How much warranty expense does the company report for this copier in Year 1? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the…

A company sells its product subject to a warranty that covers the cost of parts for repairs during the six months after the date of sale. Warranty costs are estimated to be 6% of sales. During the month of June, the company performed warranty work and used $12,000 worth of parts to do the warranty work. Sales for June amounted to $450,000.a. Record the warranty expense for the month of June.b. Record the costs of the warranty work completed in June.c. If the Estimated Warranty Liability account had a credit balance of $10,000 on May 31,      what is the account balance at June 30?       Debit Credit a.                       b.                                        c.

Instructions On August 1, Year 1, Pereira Corporation has sold 1,800 Wiglows to Mendez Company at $450 each. Mendez also purchased a 1-year service-type warranty on all the Wiglows for $12 per unit. In Year 1, On December 31, Pereira recorded warranty costs incurred in Year 1 of $9,000. Warranty costs for Year 2 of $9,600 were recorded on July 31. General Journal 1. Prepare the necessary journal entries to record: Year 1 entries should be recorded in page 1, Year 2 entries should be recorded in page 2. 1 General Journal Instructions 2 3 Required: 1. Prepare the journal entries for the preceding transactions. 2. Show how Pereira would report the items on the December 31, Year 1, balance sheet. 4 5 6 1. The sale of Wiglows and service warranty on account on August 1, Year 1 2. The warranty costs paid during Year 1 3. The warranty revenue earned in Year 1 4. The warranty costs paid during Year 2 5. The warranty revenue earned in Year 2 7 DATE GENERAL JOURNAL ACCOUNT TITLE POST. REF. DEBIT…

Oven Roasted sold $321,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On November 11, a customer was given $97 cash under terms of the warranty. Question Content Area a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 31                 Feedback Area   Feedback   Question Content Area b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Nov. 11

Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $180,000 for January. On February 7, a customer received warranty repairs requiring $295 of parts and $75 of labor. If an amount box does not require an entry, leave it blank. a.  Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty.     fill in the blank         fill in the blank b.  Journalize the entry to record the warranty work provided in February.     fill in the blank fill in the blank     fill in the blank fill in the blank     fill in the blank fill in the blank

Required information Skip to question   [The following information applies to the questions displayed below.]On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company’s cost per new razor is $20 and its retail selling price is $75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred.  November 11 Sold 105 razors for $7,875 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 15 razors that were returned under the warranty. December 16 Sold 220 razors for $16,500 cash. December 29 Replaced 30 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 150 razors for $11,250 cash. January 17…

Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 5% of sales. Assume that sales were $327,000 for January. In February, a customer received warranty repairs requiring $135 of parts and $75 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. a.  Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty.                 b.  Journalize the entry to record the warranty work provided in February.

Lachgar Industries warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $210,000 for June. In July, a customer received warranty repairs requiring $140 of parts and $95 of labor. a. Journalize the adjusting entry required at June 30, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in July.