Prepare the journal entries relating to these transactions

Reference no: EM133654217

Question: Hon-Chi Enterprises sells heavy-duty lawnmower equipment. On May 2, 2023, they sold a lawnmower (on account) for $44,000 which included a 4-year unlimited warranty. The corporation's accountant estimates that $3,800 will be paid out in warranty obligations. The cost of goods sold is $21,120. Assume Hon-Chi uses a perpetual inventory system. Prepare the journal entries relating to these transactions.

Reference no: EM133654217

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