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Prepare adjusting entry on december to accrue estimated cost

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In 2021, Sheridan Company introduces a new product that includes a two-year warranty on parts. During 2021, 5,000 units are sold for $465 each. The cost of each unit was $210. The company estimates that 9% of the units will be defective and that the average warranty cost will be $90 per unit. The company has a December 31 fiscal year-end and prepares adjusting entries on an annual basis.

Problem 1: Prepare an adjusting entry on December 31, 2021, to accrue the estimated warranty cost.

Reference no: EM132929855

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