McNight Industries completed the following transactions during 2018: Nov. 1 Made sales of $52,000. McNight estimates that
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Nov. 1 Made sales of $52,000. McNight estimates that warranty expense is 6% of sales. (Record only the warranty expense.) 20 Paid $1,600 to satisfy warranty claims.
Dec. 31 Estimated vacation benefits expense to be $6,000.
31 McNight expected to pay its employees a 3% bonus on net income after deducting the bonus. Net income for the year is $52,000.
Journalize the transactions. Explanations are not required. Round to the nearest dollar.
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Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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