User Account

All Pages

Journal entries required to create and close warranty period

Assignment Help Financial Accounting
Reference no: EM13502147

Spoiled Baby Corp (SPC) sells baby buggies.  Recent changes in the law required SPC to warranty its products for 90 days and you must set up the required accounts.  Historical Data indicates that 6% of monthly sales result in warranty claims.  The June 20x1 monthly sales are $481,000.

The following warranty claims were made against June sales.

July 8                               210                        July 14                            450

July 16                            900                        July 21                            385

July 26                            421                        July 28                            772

Aug 4                           1,795                        Aug 8                               921

Aug 14                            267                        Aug 17                         1,022           

Aug 25                            186                        Aug 27                            755

Aug 29                            548                        Aug 30                            899

Sept 2                              111                        Sept 3                              219

Sept 5                           1,135                        Sept 14                            816

Sept 18                            242                        Sept 24                            987

Sept 27                            147                        Sept 28                        1,587

Sept 29                            788                        Sept 30                            489

Oct 1                              1188                        Oct 8                              1387

Oct 14                              489                        Oct 17                              577

Oct 21                           1,967                        Oct 27                              927

Oct 28                              683                        Oct 29                              492

Oct 30                              897                        Oct 31                            1572

Prepare the Journal entries required to create and close the warranty period.

Reference no: EM13502147

Questions Cloud

What is the journal entry that would record transaction : The cost of the equipment is $10,000. The company has been offered $300 for its parts. What is the journal entry that would record this transaction?
What is the diameter of the ball as viewed in the mirror : A ball whose diameter is 6 cm is placed 70 cm in front of a convex spherical mirror. If the focal length of the mirror is -30 cm, what is the diameter of the ball as viewed in the mirror
What was the cost of the raw materials used in production : What is the total amount of the costs listed above that are not direct costs of the Brentwood Store?
Explain what is the minimum concentration of agno3 : A solution contains 1.0 x 10^-5 M Na3PO4. What is the minimum concentration of AgNO3 that would cause precipitation of solid Ag3PO4 (Ksp= 1.8 x 10^-18)
Journal entries required to create and close warranty period : Prepare the Journal entries required to create and close the warranty period - Historical Data indicates that 6% of monthly sales result in warranty claims.
What is the constant electric field strength between plates : Two parallel plates have a capacitance of 1.0 µF when they are 1.0 mm apart. The plates are then fully charged by a 9.0 V battery, What is the constant electric field strength between the plates
Explain why is the c-c bond length in naphthalene : Why is the C-C bond length in naphthalene C10H8 between the typical single C-C bond length and the typical C=C double bound length
Required aje for december 31-2001 : Spoiled Baby Corp sells baby buggies and has decided to expand its operations.  It needs to borrow $500,000 for 18 months and has sent you to negotiate with the bank.
Explain ir spectrum and nmr on my spectrum : In the structure of phenacetin is the NH group attached to the C=O and aromatic, would the NH group be considered an amide or an amine. Disscuss by IR spectrum and NMR? On my spectrum

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd