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Prepare the journal entries relating to the transactions

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Problem 1: Lee-Yau Enterprises sells heavy-duty lawnmower equipment. On May 9, 2020, they sold a lawnmower (on account) for $44,000 which included a 4-year unlimited warranty. The corporation's accountant estimates that $5,100 will be paid out in warranty obligations. The cost of goods sold is $18,480. Assume Lee-Yau uses a perpetual inventory system. Prepare the journal entries relating to these transactions.

Reference no: EM132913980

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