Question

ELC Inc. sells all types of electronics with a one-year warranty for product assurance on all products sold. On 26 February, a customer came into the store and purchased a television for $ 1,250. The company estimates, based on past experience, that warranty costs will be $ 150 for this product.

Required:
Prepare the journal entries that ELC would use to record this transaction.



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  • CreatedAugust 20, 2015
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