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Oven Roasted sold $321,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On November 11, a customer was given $97 cash under terms of the warranty. Question Content Area 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. Date Account Debit Credit July 31                 Feedback Area   Feedback   Question Content Area b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Nov. 11

Oven Roasted sold $321,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On November 11, a customer was given $97 cash under terms of the warranty. Question Content Area 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. Date Account Debit Credit July 31                 Feedback Area   Feedback   Question Content Area b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Nov. 11

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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Oven Roasted sold $321,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On November 11, a customer was given $97 cash under terms of the warranty.

Question Content Area

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.

Date Account Debit Credit
July 31
 
    
 
 
    
 

Feedback Area

 
Feedback
 

Question Content Area

b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank.

Date Account Debit Credit
Nov. 11
 
    
 
 
    
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