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Prepare dynamo journal entries related to the sales

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Reference no: EM133148185

Question - Dynamo Corporation manufactures toasters. Each toaster comes with a 5-year assurance-type warranty. The toasters sell for $60 each. During Year 1, Dynamo sells 400 toasters, for cash. Past experience shows that the average warranty costs are $6 each or $2,400 for these toasters. In Year 1, Dynamo pays $700 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: EM133148185

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