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Determine the estimated warranty expense

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Question - A seller of televisions, Charley's Emporium offers a 4-year warranty on goods sold to make their products more attractive to customers. For 2021, total sales are $830,320, and the company sold 560 units. Averaging $101.50 per television for warranty costs, the company figures that 7% of the actual physical televisions sold have some sort of warranty repair. 

Required -

A. For the current year, 2021, determine the estimated warranty expense. Prepare the Journal Entry.

B. In June, Charley's Emporium repaired 9 televisions from 2020, with a total repair cost of $1,389.  Prepare the required journal entry.

Reference no: EM133189977

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