Kyrgyz Co. sold $200,000 of equipment during February under a one-year warranty. The cost to repair defects
Question:
Kyrgyz Co. sold $200,000 of equipment during February under a one-year warranty. The cost to repair defects under the warranty is estimated at 6% of the sales price. On July 24, a customer required a $60 part replacement, plus $32 of labor under the warranty.
Provide the journal entry for
(a) The estimated warranty expense on February 28 for February sales,
(b) The July 24 warranty work.
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a Feb 28 Product Warranty Expense 12000 ...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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