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June 11 a retailer sells a trimmer for $400 with a one-year warranty that covers parts. Warranty expense is estimated at 5% of sales. On March 24 of the next year, the trimmer is brought in for repairs covered by warranty requiring $15 in materials. The entry to record the warranty repair on March 24th would include a.. Group of answer choices a. Credit to Estimated Warranty Liability for $15.00 b. Credit to Repair Parts Inventory for $15.00 c. Debit to Warranty Expense for $15.00 d. Debit to Warranty Expense for $20.00

June 11 a retailer sells a trimmer for $400 with a one-year warranty that covers parts. Warranty expense is estimated at 5% of sales. On March 24 of the next year, the trimmer is brought in for repairs covered by warranty requiring $15 in materials. The entry to record the warranty repair on March 24th would include a.. Group of answer choices a. Credit to Estimated Warranty Liability for $15.00 b. Credit to Repair Parts Inventory for $15.00 c. Debit to Warranty Expense for $15.00 d. Debit to Warranty Expense for $20.00

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 10RE
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 June 11 a retailer sells a trimmer for $400 with a one-year warranty that covers parts. Warranty expense is estimated at 5% of sales. On March 24 of the next year, the trimmer is brought in for repairs covered by warranty requiring $15 in materials. The entry to record the warranty repair on March 24th would include a..
Group of answer choices
a. Credit to Estimated Warranty Liability for $15.00
b. Credit to Repair Parts Inventory for $15.00
c. Debit to Warranty Expense for $15.00
d. Debit to Warranty Expense for $20.00
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