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Prepare journal entry to record bonus owed to its workers

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Question: 1. Paris Company offers an annual bonus to employees if the company meets certain net income goals. Prepare the journal entry to record a $10,000 bonus owed to its workers (to be shared equally) at calendar year-end.

2. A car is sold for $15,000 on June 1, 2011, with a one-year warranty on parts. Warranty expense is estimated at 1.5% of selling price at each calendar year-end. On March 1, 2012, the car is returned for warranty repairs costing $135. The amount recorded as warranty expense on March 1 is

(a) $0;

(b) $60;

(c) $75;

(d ) $135;

(e) $225.

Reference no: EM131534032

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