2:15 VOD LEB. 20% Estimated warranty liability Cook-Rite sold $408,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 5.5% of the sales price. On November 11, a customer was given $145 cash under terms of the warranty. a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 Product Warranty Expense Product Warranty Payable b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Nov. 11 Estimated warranty ability Cock-Rite sold $400,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty estimated at 5.5% of the sales price On November 11, a customer was given $145 cash under terms of the warranty. a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 Product Warranty Expense Product Warranty Pays b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank Now 11 Eredict cranty Parable ✔
2:15 VOD LEB. 20% Estimated warranty liability Cook-Rite sold $408,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 5.5% of the sales price. On November 11, a customer was given $145 cash under terms of the warranty. a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 Product Warranty Expense Product Warranty Payable b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Nov. 11 Estimated warranty ability Cock-Rite sold $400,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty estimated at 5.5% of the sales price On November 11, a customer was given $145 cash under terms of the warranty. a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 Product Warranty Expense Product Warranty Pays b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank Now 11 Eredict cranty Parable ✔
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.5P
Related questions
Question
Accounting Subject step by step solutions
Transcribed Image Text:2:15
VOD
LEB. 20%
Estimated warranty liability Cook-Rite sold $408,000 of consumer electronics during July under a two-year warranty. The
cost to repair defects under the warranty is estimated at 5.5% of the sales price. On November 11, a customer was given
$145 cash under terms of the warranty. a. Provide the journal entry for the estimated warranty expense on July 31 for
July sales. If an amount box does not require an entry, leave it blank. July 31 Product Warranty Expense Product
Warranty Payable b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an
entry, leave it blank. Nov. 11
Estimated warranty ability
Cock-Rite sold $400,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty estimated at 5.5% of the sales price
On November 11, a customer was given $145 cash under terms of the warranty.
a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank.
July 31 Product Warranty Expense
Product Warranty Pays
b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank
Now 11 Eredict cranty Parable ✔
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