Question: Harris guarantees its vacuums for five years. Prior experience indicates that warranty costs will be approximately 7% of sales. Assume that Harris made sales totaling

Harris guarantees its vacuums for five years. Prior experience indicates that

Harris guarantees its vacuums for five years. Prior experience indicates that warranty costs will be approximately 7% of sales. Assume that Harris made sales totaling $235,000 during 2016. Record the warranty expense for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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