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Estimated warranty liability Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4.5% of the sales price. On November 11, a customer was given $220 cash under terms of the warranty. Journalize the entry to record (A) the estimated warranty expense on July 31 for July sales, and (B) the November 11 cash payment.

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Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
Chapter 10, Problem 10.7BE
Textbook Problem

Estimated warranty liability

Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4.5% of the sales price. On November 11, a customer was given $220 cash under terms of the warranty.

Journalize the entry to record (A) the estimated warranty expense on July 31 for July sales, and (B) the November 11 cash payment.

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Chapter 10 Solutions

Corporate Financial Accounting
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