Maverik company sold 1 , 0 0 0 Treadmills in the month of January 2 0 2
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Question:
Maverik company sold Treadmills in the month of January for a total price of $ with a guarantee that the product will be free from defect for year. The treadmills cost $ each. Maverik estimates that of the treadmills will require part replacement under the guarantee. The cost of the parts is estimated to be $ per treadmill for each repair under the warranty period. In addition, Maverick sold an extended warranty on of these treadmills for years beyond the year period included with the sale, for a total of $
Prepare the journal entry to record the sale for Maverick. Explain how and when revenue will be recorded the for the extended warranty sold.
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