Homework Answers
Sales = $210,000
Estimated warranty cost = 7% of sales
Estimated warranty expense = Sales x Estimated warranty cost
= 210,000 x 7%
= $14,700
Following entry will be made to record warranty expense for the year:
| Date | Accounts and Explanation | Debit | Credit |
| 2018, December 31 | Warranty expense | $14,700 | |
| Estimated warranty payable | $14,700 | ||
| ( To record warranty expense for the year) |
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