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Provide the journal entry for October cash payment

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Reference no: EM132682310

Problem - Estimated Warranty Liability

Caldwell Industries sold $410,000 of consumer electronics during August under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4% of the sales price. On October 15, a customer was given $110 cash under terms of the warranty.

Required - Provide the journal entry for (a) the estimated warranty expense on August 31 (b) the October 15 cash payment.

Reference no: EM132682310

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