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Prepare the entry to record the warranty repairs

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Reference no: EM131534097

Question: 1. If a liability is payable in 15 months, is it classified as current or long term?

2. On September 11, 2010, Home Store sells a mower for $400 with a one-year warranty that covers parts. Warranty expense is estimated at 5% of sales. On July 24, 2011, the mower is brought in for repairs covered under the warranty requiring $35 in materials taken from the Repair Parts Inventory. Prepare the July 24, 2011, entry to record the warranty repairs.

Reference no: EM131534097

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