EarlKeen Co. sold $330,000 worth of equipment in January with a one-year warranty.The cost of repairing defects
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Question:
EarlKeen Co. sold $330,000 worth of equipment in January with a one-year warranty. The cost of repairing defects under the guarantee is estimated at 4% of the sale price. On August 15, a customer required a $145 part replacement, plus $49 labor under warranty.
Provide the journal entry for
(a) the January 31 estimated warranty expense for January sales
(b) the August 15 warranty work
Expert Answer:
a Journal entry for the estimated warranty expense for January sales on Janu... View the full answer
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