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On December 1, 2015 Raff Company introduces a new product that includes a one-year warranty on parts. In December, 2,000 units were sold. Management believes that 10% of the units will be defective and that the average warranty costs will be $100 per unit.
Instruction:
Question 1- Prepare the adjusting entry at December 31 to accrue the estimated warranty cost.
Question 2- In 2015 warranty contract honored in 50 units, prepare the journal entry.
Question 3- Prepare the adjusting entry at the end of warranty contract.
Complete the Balance Sheet using the information on the Post Closing Trial Balance and determine the amount of Merchandise Inventory lost and prepare the entry to write off the lose.
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