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What amounts relative to the 2017 television warranties

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Question

In 2018, Skysong Company incurred actual costs relative to 2017 television warranty sales of $1,960 for parts and $4,070 for labor.

Record any necessary journal entries in 2018 relative to 2017 television warranties. Use "Inventory" account to record the warranty expense

Account titles and explanation Debit Credit

unearned warranty revenue 6665

warranty revenue 6665

(to record the warranty revenue earned)

warranty expense 6030

inventory 1960

unearned warranty revenue 4070

(to record the warranty expense)

The account for unearned warranty revenue crediting 4070 is the incorrect account. Can you please help me understand the correct account to use and why its used?

What amounts relative to the 2017 television warranties would appear on the December 31, 2018, balance sheet and how would they be classified?

Reference no: EM132379580

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