Estimated Warranty Liability Oven Roasted Co. sold $387,000 of equipment during January under a six-month warranty....
Estimated Warranty Liability
Oven Roasted Co. sold $387,000 of equipment during January under a six-month warranty. The cost to repair defects under the warranty is estimated at 5.5% of the sales price. On August 15, a customer required a $250 part replacement, plus $238 of labor under the warranty.
Required:
(a) Provide the journal entry for the estimated warranty expense on January 31 for January sales.
| Jan. 31 | Product Warranty Expense | ||
(b) Provide the journal entry for the August 15 warranty work. If an amount box does not require an entry, leave it blank.
| Aug. 15 | Supplies | ||
| Cash |
Homework Answers
| a) Journal entries | ||||
| date | Particulars | Debit | Credit | |
| 31-Jan | product warranty expense(387000*5.5%) | 21285 | ||
| product warranty payable | 21285 | |||
| b) | ||||
| 15-Aug | product warranty payable | 488 | ||
| supplies | 250 | |||
| cash | 238 | |||
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Estimated Warranty Liability
Oven Roasted Co. sold $387,000 of equipment during January under
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