A repair to an appliance under warranty occurs within the warranty period. What adjustment is made?...
A repair to an appliance under warranty occurs within the warranty period. What adjustment is made?
A. Estimated Warranty Payable is debited.
B. Repair Expense is debited.
C. Estimated Warranty Payable is credited.
D. Warranty Expense is debited.
Accrued interest on a short−term note payable is recorded by:
A. debiting Interest Expense and crediting Interest Payable
B. debiting Interest Payable and crediting Interest Expense
C. debiting Cash and crediting Interest Payable
D. debiting Interest Payable and crediting Cash
Homework Answers
1. The entry would be
Debit : Warranty expense
Credit : Cash
Option D is the answer
2. The entry would be
Debit : Interest expense
Credit : Interest payable
Option A is the answer
Add Answer to:
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