Solution-Journalize entry to record estimated warranty

Journalize entry to record estimated warranty expense

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Reference no: EM132754113

Problem - Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4.5% of the sales price. On November 11, a customer was given $220 cash under terms of the warranty.

Journalize the entry to record (a) the estimated warranty expense on July 31 for July sales.

Journalize the entry to record (b) the November 11 cash payment.

Reference no: EM132754113

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Journalize entry to record estimated warranty expense

Reference no: EM132754113

Reference no: EM132754113

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