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What the journal entry company uses to record the estimated

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Reference no: EM132962891

Problem 1: The journal entry a company uses to record the estimated product warranty liability expense is

a. debit Product Warranty Expense; credit Product Warranty Payable

b. debit Product Warranty Payable; credit Cash

c. debit Product Warranty Expense; credit Cash

d. debit Product Warranty Payable; credit Product Warranty Expense

The Crafter Company has the following assets and liabilities:

?ASSETS

Cash$28,000

Accounts receivable15,000

Inventory20,000

Equipment50,000

LIABILITIES

Current portion of long-term debt10,000

Accounts payable2,000

Long-term debt25,000

Problem 2: ?Determine the quick ratio (rounded to one decimal point).

Reference no: EM132962891

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