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Prepare Sage journal entry to record the sales

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Question - Sage Factory provides a 2-year warranty with one of its products which was first sold in 2020. Sage sold $1,080,000 of products subject to the warranty. Sage expects $113,460 of warranty costs over the next 2 years. In that year, Sage spent $71,710 servicing warranty claims. Prepare Sage's journal entry to record the sales (ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs.

Reference no: EM133064688

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