No. | Date | General Journal | Debit | Credit |
1 | Sept. 11, 2016 | Cash | $540.00 | |
Sales | $540.00 | |||
2 | Sept. 11, 2016 | Warranty expense [$540 x 6%] | $32.40 | |
Estimated warranty liability | $32.40 | |||
3 | July 24, 2017 | Estimated warranty liability | $38 | |
Repairs parts inventory | $38 |
On September 11, 2016. Home Store sells a mower for $540 with a one-year warranty that...
On September 11, 2016, Home Store sells a mower for $620 with a one-year warranty that covers parts. Warranty expense is estimated at 8 % of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $43 in materials taken from the Repair Parts Inventory. Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal...
On September 11, 2016, Home Store sells a mower for $530 cash with a one-year warranty that covers parts. Warranty expense is estimated at 7% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $37 in materials taken from the Repair Parts Inventory. Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal...
On September 11, 2016, Home Store sells a mower for $590 cash with a one-year warranty that covers parts. Warranty expense is estimated at 10% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $41 in materials taken from the Repair Parts Inventory. Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal...
On September 11, 2016, Home Store sells a mower for $480 with a one-year warranty that covers parts. Warranty expense is estimated at 10% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory. Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)
On September 11, 2016. Home Store sells a mower for $560 with a one-year warranty that covers parts. Warranty expense is estimated at 12% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $39 in materials taken from the Repair Parts Inventory Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)...
On September 11, 2016. Home Store sells a mower for $560 with a one-year warranty that covers parts. Warranty expense is estimated at 12% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $39 in materials taken from the Repair Parts Inventory Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs. (Round your answers to 2 decimal places.)...
QS 11-9 Recording warranty repairs LO P4 On September 11, 2016, Home Store sells a mower for $620 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $43 in materials taken from the Repair Parts Inventory. Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty...
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. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty...
On September 1, Home Store sells a mower (that costs $290) for $590 cash with a one-year warranty that covers parts. Warranty expense is estimated at 10% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $41 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty...
On September 1, Home Store sells a mower (that costs $270) for $570 cash with a one-year warranty that covers parts. Warranty expense is estimated at 10% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $40 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty...