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Prepare Xu adjusting entry on December

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Question - On January 1, 2020, Xu Appliances sold customer Mitch Ellis a three-year extended warranty for $255 with the purchase of his new appliances. Xu incurred a $3,840 in warranty expenses this year for all its outstanding extended warranties for all customers, of which $45 was the result of a claim Mr. Ellis submitted in October for the repair of the icemaker in his new refrigerator. Prepare Xu's adjusting entry on December 31, 2020 related to Mr. Ellis's original warranty purchase.

Reference no: EM132928615

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