Question: On December 20 2014 The Net Department Store sold a
On December 20, 2014, The Net Department Store sold a computer for $3,500 with a one-year warranty that covers parts and labor. Warranty expense was estimated at 2% of sales dollars. On March 2, 2015, the computer was taken in for repairs covered under the warranty that required $30 in parts and $10 of labor. Prepare the March 2 journal entry to record the warranty repairs.
Answer to relevant QuestionsWang Corp. estimates income tax expense to be $285,600 for the year 2014. Record estimated income tax for January on January 31, 2014, and the payment on February 1, 2014.On January 2, 2014, the Casual Elite Co. acquired land by issuing a 6%, three-year note for $200,000. The note will be paid in three annual payments of $74,822 each December 31. The payment schedule follows:Required1. ...Mercedes Boats borrowed $100,000 on September 15, 2014, for 45 days at 8% interest by signing a note.1. On what date will this note mature?2. How much interest expense is created by this note?3. Prepare the journal entries ...On January 2, 2014, Brook Company acquired machinery by issuing a 3%, $360,000 note due in five years on December 31, 2017. Annual payments are $78,608 each December 31. The payment schedule is:RequiredUsing the information ...Jorha Company’s condensed income statement for the year ended November 30, 2014, is shown below.Jorha CompanyIncome StatementFor Year Ended November 30, 2014Fees ...
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