Homework Answers
Prepare the journal entries as follows:
| No | Accounts name | Debit | Credit |
| a | Cash (20000*108) | 2160000 | |
| Unearned warranty revenue | 2160000 | ||
| (To record sale of contracts) | |||
| b | Warranty expense | 175000 | |
| Inventory | 175000 | ||
| (To record cost of servicing the warranties) | |||
| c | Unearned warranty revenue | 540000 | |
| Warranty revenue (2160000/4) | 540000 | ||
| (To record recognition of warranty revenue) |
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Brief Exercise 13-14 Sheridan Corporation sells DVD players. The corporation also offers its customers a 4-year...
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Exercise 13-11 Early in 2017, Grouper Equipment Company sold 500
Rollomatics during 2017 at $5,900 each. During 2017, Grouper spent
$18,000 servicing the 2-year assurance warranties that accompany
the Rollomatic. All applicable transactions are on a cash basis.
Prepare 2017 entries for Grouper. Assume that Grouper estimates the
total cost of servicing the warranties will be $55,000 for 2 years.
(If no entry is required, select "No Entry" for the account titles
and enter 0 for the amounts. Credit account...
Exercise 13-21 Bridgeport Equipment Limited sold 490 Rollomatics on account during 2017 for $5,700 each. During 2017, Bridgeport spent $34,800 servicing the two-year warranties that are included in each sale of the Rollomatic. All servicing transactions were paid in cash Prepare the 2017 entries for Bridgeport using the assurance-type (expense-based) approach for warranties. Assume that Bridgeport estimates that the total cost of servicing the warranties will be $117,000 for two years. (Credit account titles are automatically indented when the amount...
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