prac ques 3

Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below Hitzu Co sold a copier (that costs $4,800) for $6,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copler requires on-site repairs that are completed the same day. The repairs cost $209 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier Exercise 9-12 (Static) Warranty expense and liability computations and entries LO P4 1. How much warranty expense does the company report for this copler in Year 1? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 12 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1 and (c) the repairs that occur on January 5 of Year 2 Required information Complete this question by entering your answers in the tabs below. Req 1 to 3 Req4 1. How much warranty expense does the company report for this copier in Year 1? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 12 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 1. Warranty expense 2. Estimated warranty liability 3. Estimated warranty liability Journal entry worksheet 1 2 3 4 Record the sale of a copier for $6,000 cash Noter Enter debits before credits Date General Journal Debit Credit Aug 16 View general Journal Record entry Clear entry