On September 11, 2010, Home Store sells a mower for $400 with a one-year warranty that covers

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On September 11, 2010, Home Store sells a mower for $400 with a one-year warranty that covers parts. Warranty expense is estimated at 5% of sales. On July 24, 2011, the mower is brought in for repairs covered under the warranty requiring $35 in materials taken from the Repair Parts Inventory. Prepare the July 24, 2011, entry to record the warranty repairs.

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Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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