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Provide all necessary journal entry to account for one year

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Reference no: EM132696129

Alba Electronics provides a one-year warranty on products that they sell. On 1 July 2019 the balance in their provision for warranty is $5,000 Cr. During the 2019/2020 financial year the cost of repairing products returned to the store from sales in the prior year is $4,800. They also sold 18,000 products during the 2019/20 financial year and they estimate 2% of these products will be defective and incur an average repair cost of $15.

Problem 1: Provide all necessary journal entries to account for the one-year warranty in the 2019/20 financial year.

Reference no: EM132696129

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