Describe the accounting treatment for an assurance-type warranty and for a service-type warranty.
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- Describe the accounting treatment for an assurance-type warranty and for a service-type warranty.
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- What accounts are used to record a contingent warranty liability that is probable and estimable but has yet to be fulfilled? A. warranty liability and cash B. warranty expense and cash C. warranty liability and warranty expense, cash D. warranty expense and warranty liabilityExplain the accounting for a service-type warranty.What accounts are used to record a contingent warranty liability that is probable and estimable buthas yet to be fulfilled?A. warranty liability and cashB. warranty expense and cashC. warranty liability and warranty expense, cashD. warranty expense and warranty liability