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Instructions Quantas industries sold $280,000 of consumer electronics during January under a one year warranty. The cost to r
General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Accounts Receivable 112 Interest Receivable 113 Not
LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Wages Payable 216 Social Security Tax Payable 217
EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary
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Answer #1
Journal Entries:
Date Accounts Title Debit $ Credit $
a) 31-Jan Product Warranty expense 14000 280000*5%
Product Warranty Payable 14000
(being warranty expense of 5% on sales recorded)
b) 20-Jun Product Warranty Payable 143
Cash 143
(being payment to customer for the warranty)
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