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Prepare dynamo journal entries related to the sales

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Question - Dynamo Corporation manufactures toasters. Each toaster comes with a 5-year assurance-type warranty. The toasters sell for $50 each. During Year 1, Dynamo sells 500 toasters, for cash. Past experience shows that the average warranty costs are $5 each or $2,500 for these toasters. In Year 1, Dynamo pays $600 cash for warranty costs on the toasters sold that year.

Required - Prepare Dynamo's journal entries related to the sales and warranty in Year 1.

Reference no: EM133141692

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