Which of the following journal entries would probably be made if the modified cash basis of accounting
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Question:
Which of the following journal entries would probably be made if the modified cash basis of accounting for warranties is in use for a sale made in 2016?
A.
2016 Cash | XX | |||
Sales | XX | |||
Unearned Warranty Revenue | XX |
B.
2017 Estimated Liability under Warranties | XX | |||
Cash | XX |
C.
2017 Warranty Expense | XX | |||
Cash | XX |
D.
2016 Warranty Expense | XX | |||
Estimated Liability under Warranties | XX |
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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