Question

McCarthy Industries completed the following transactions during 2014:
Nov. 1 Made sales of $ 8,000. McCarthy estimates that warranty expense is 4% of sales. (Record only the warranty expense.)
20 Paid $ 100 to satisfy warranty claims.
Dec. 31 Estimated vacation benefits expense to be $ 1,200.
31 McCarthy expected to pay its employees a 2% bonus on net income after deducting the bonus. Net income for the year is $ 20,000.
Journalize the transactions (explanations are not required).



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  • CreatedJanuary 16, 2015
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