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Prepare the journal entries necessary for Suffolk Industries

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Question - Suffolk Industries prepares financials on a calendar year basis and sold on credit a tractor for a total price of $95,000 at the beginning of January 2017 which included both the manufacturer's 3-year manufacturer's warranty and an extended warranty for an additional 3 years after the end of the manufacturer's warranty expires. The extended warranty was $8,700 of the total price.

Suffolk Industries has estimated the manufacturer's 3-year warranty will cause the company to incur costs of $4,000 over the course of the three years. In 2017, Suffolk Industries incurred actual warranty costs relative to the tractor of $1,300, all of which it paid in cash. Suffolk Industries' policy is to record revenue under its extended warranties using the straight line method.

Required - Prepare the journal entries necessary for Suffolk Industries in 2017.

Reference no: EM132479064

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