Question

Journal entry worksheet On September 1, Home Store sells a mower (that costs $210) for $510 cash with a one-year warranty that covers parts. Warranty expense is estimated at 7% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $36 in materials taken from the Repair Parts Inventory < 1 2 Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs (Round your answers to 2 decimal places.) Record the estimated warranty expense View transaction list Journal entry worksheet Note: Enter debits before credits. Date General Journal Debit Credit Sep 01 Record the mower sales. Note: Enter debits before credits Date General Journal Debit Credit Sep 01 Journal entry worksheet Record the cost of warranty repairs. Journal entry worksheet Note: Enter debits before credits General Journal Debit Credit Record the cost of mower sales. Date Jan 24 Note: Enter debits before credits Date General Journal Debit Credit Sep 01

With the steps provided please so I can understand it

Answer 1

Sep 1	Cash	510
	Sales		510
Sep 1	Cost of Goods Sold	210
	Inventory		210
Sep 1	Warranty expense	35.70
	Warranty liability		35.70
	(510*7%)
Jan 24	Warranty liability	36
	Repair parts inventory		36