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Question - Western Yard Equipment offers warranties on all their lawn mowers. They estimate warranty expense at 1.4% of sales. At the beginning of 2013, the estimated warranty payable account had a credit balance of $1,200. During the year, Western Yard Equipment had $485,000 of sales, and had to pay out $8,730 in warranty payments.
Required -
1. Prepare the required journal entries to record warranty expense and payments. Use December 31 for the journal entry date.
2. What is the balance of the warrantee liability at the end of 2013? Indicate whether the balance is a debit or a credit.
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