Cool Air, Inc. sells products with a one-year warranty covering parts and labor. The following table lists
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Required:
(a) Compute the estimated product warranty expense that should be recorded by Cool Air at the end of April and prepare the appropriate adjusting entry.
(b) During the first week in May, Cool Air paid warranty-related costs of $6,800. Prepare the entry to record these payments.
Transcribed Image Text:
Air Con-Air Com- Product Line % of products ditioners pressors Fans returned while under warranty Warranty cost per returned item Unit sales during 7% 9% 6% $150 $40 $12 April 2,000 1,350 1,700
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