Only required to do S9-4.

Week 8 Unit 7 textbook tutorial File C:/Users/Bivek/Desktop/Week%208%20Unit%207%20textbook%20tutorial%20questions.pdf Not syncing Would you like to set Microsoft Edge as your default browser? Set as default X 2 of 2 A0 Read aloud Draw Erase In S9-3. (Learning Objective 1: Accounting for warranty expense and provision for warranty repairs) Lawry guarantees automobiles against defects for five years or 50,000 miles, which- ever comes first. Assume that a Lawry dealer in Paris, France, made sales of $485,000 during 20X0. Lawry expects warranty costs during the five-year period to add up to about $29,100. Lawry received cash for 30% of the sales and took notes receivable for the remainder. Payments to satisfy customer warranty claims totaled $18,000 during 20X0. 1. Record the sales, warranty expense, and warranty payments for Lawry. 2. Post to the Provision for Warranty Repairs T-account. The beginning balance was $11,000. At the end of 20X0, how much in provision for warranty repairs does Lawry owe to its customers? Y n S9-4. (Learning Objective I: Applying accounting standards; reporting warranties in the financial statements) Refer to the data given in Short Exercise 9-3. What amount of warranty awry report during 29X0? Which accounting principle addresses this situation? Does the warranty expense for the year equal the year's cash payments for warranties? Explain the relevant accounting principle as it applies to measuring warranty expense. 20 ENG 12:10 pm 20/10/2020 Week 8 Unit 7 textbook tutorial File C:/Users/Bivek/Desktop/Week%208%20Unit%207%20textbook%20tutorial%20questions.pdf Not syncing Would you like to set Microsoft Edge as your default browser? Set as default X 2 of 2 A0 Read aloud Draw Erase In S9-3. (Learning Objective 1: Accounting for warranty expense and provision for warranty repairs) Lawry guarantees automobiles against defects for five years or 50,000 miles, which- ever comes first. Assume that a Lawry dealer in Paris, France, made sales of $485,000 during 20X0. Lawry expects warranty costs during the five-year period to add up to about $29,100. Lawry received cash for 30% of the sales and took notes receivable for the remainder. Payments to satisfy customer warranty claims totaled $18,000 during 20X0. 1. Record the sales, warranty expense, and warranty payments for Lawry. 2. Post to the Provision for Warranty Repairs T-account. The beginning balance was $11,000. At the end of 20X0, how much in provision for warranty repairs does Lawry owe to its customers? Y n S9-4. (Learning Objective I: Applying accounting standards; reporting warranties in the financial statements) Refer to the data given in Short Exercise 9-3. What amount of warranty awry report during 29X0? Which accounting principle addresses this situation? Does the warranty expense for the year equal the year's cash payments for warranties? Explain the relevant accounting principle as it applies to measuring warranty expense. 20 ENG 12:10 pm 20/10/2020