Homework Answers
| a.The effects of the transactions on the financial statements | ||||||||
| Events | Assets= | Liabilities+ | Equity | Revenue- | Expenses= | Net Income | Cash Flow | |
| Estimated warranty expense | NA | 2650 | -2650 | NA | 2650 | -2650 | OA | Cash outflow saved-Current liability increases |
| Actual warranty costs paid | -1830 | -1830 | NA | NA | NA | NA | OA | Cash outflow-Current liability decreases |
| Journal entries | ||
| Debit | Credit | |
| b. At the time of estimation of warranty expense | ||
| Warranty expense | 2650 | |
| Warranty liability | 2650 | |
| c. At the time of actual warranty costs paid(repair costs) | ||
| Warranty liability | 1830 | |
| Cash | 1830 |
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