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Prepare entries to record the sale of the copiers

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Reference no: EM131601166

Problem - Gateway LLC sold 150 color laser copiers in 2015 for $4,000 apiece, together with a one-year warranty. Maintenance on each copier during the warranty period averages $300. (Must attempt both sections for full quality points).

Instructions:

(a) Prepare entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used. Actual warranty costs incurred in 2015 were $17,000.

(b) On the basis of the data above, prepare the appropriate entries, assuming that the cash-basis method is used.

Reference no: EM131601166

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