ZuoTi.Pro
Question

Yummy Co, sold $559,000 of equipment during January under a one-year warranty. The cost to repair defects under the warranty
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Date Accounts title and explanations Debit $ credit $
31-Jan Warranty expenses 33540
    Estimated warranty payable (559000*6%) 33540
(for warranty expenses and liability recognized)
15-Aug Estimated warranty liability Account 458
       Merchandise inventory 261
      Cash account 197
(for waranty cost incurred)
0 0
Add a comment
Know the answer?
Add Answer to:
Yummy Co, sold $559,000 of equipment during January under a one-year warranty. The cost to repair...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Estimated Warranty Liability Yummy Co. sold $450,000 of equipment during January under a two-year warranty. The...

    Estimated Warranty Liability Yummy Co. sold $450,000 of equipment during January under a two-year 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 $188 part replacement, plus $231 of labor under the warranty. Required: (a) Provide the journal entry for the estimated warranty expense on January 31 for January sales. Jan. 31 (b) Provide the journal entry for the August 15 warranty work. If an...

  • Estimated Warranty Liability Cook-Rite Co. sold $687,000 of equipment during January under a six-month warranty. The...

    Estimated Warranty Liability Cook-Rite Co. sold $687,000 of equipment during January under a six-month warranty. The cost to repair defects under the warranty is estimated at 7.5% of the sales price. On August 15, a customer required a $213 part replacement, plus $186 of labor under the warranty Required: (a) Provide the journal entry for the estimated warranty expense on January 31 for January sales Jan. 31 L U C (b) Provide the journal entry for the August 15 warranty...

  • 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...

  • Estimated Warranty Liability Oven Roasted Co. Sold $192,000 of equipment during January under a ste-month warranty....

    Estimated Warranty Liability Oven Roasted Co. Sold $192,000 of equipment during January under a ste-month warranty. The cost to repair defects under the warranty is estimated to of the sales price On August 15, a customer required a $241 part replacement, plus $220 of labor under the warranty. Required: (0) Provide the journal entry for the estimated warranty expense on January 31 for January sales Jan. 31 (b) Provide the journal entry for the August 15 warranty work. If an...

  • Estimated Warranty Liability Oven Roasted Co. Sold $192,000 of equipment during January under a ste-month warranty....

    Estimated Warranty Liability Oven Roasted Co. Sold $192,000 of equipment during January under a ste-month warranty. The cost to repair defects under the warranty is estimated to of the sales price On August 15, a customer required a $241 part replacement, plus $220 of labor under the warranty. Required: (0) Provide the journal entry for the estimated warranty expense on January 31 for January sales Jan. 31 (b) Provide the journal entry for the August 15 warranty work. If an...

  • EarlKeen Co. sold $260,000 of equipment during January under a one-year warranty. The cost to repair...

    EarlKeen Co. sold $260,000 of equipment during January under a one-year warranty. The cost to repair defects under the warranty is estimated at 4% of the sales price. On August 15, a customer required a $100 part replacement plus $50 of labor under the warranty. Provide the journal entry for (a) the estimated warranty expense on January 31 for January sales on page 10 of the journal and (b) the August 15 warranty work on page 14 of the journal....

  • Journalize Period Payroll The payroll register of Chen Engineering Co. indicates $1,800 of social security withheld...

    Journalize Period Payroll The payroll register of Chen Engineering Co. indicates $1,800 of social security withheld and $450 of Medicare tax withheld on total salaries of $30,000 for the period. Federal withholding for the period totaled $5,100. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. 2. Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $2,112 of social security withheld and $528.00 of Medicare tax withheld...

  • 2. a) Journalize Payroll Tax The payroll register of Patel Engineering Co. indicates $2,856 of social...

    2. a) Journalize Payroll Tax The payroll register of Patel Engineering Co. indicates $2,856 of social security withheld and $714.00 of Medicare tax withheld on total salaries of $47,600 for the period. Earnings of $13,800 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it...

  • arks People Window Help CH 11 HW X CengageNOWV2 Online ta C Proceeds From Notes Payable:...

    arks People Window Help CH 11 HW X CengageNOWV2 Online ta C Proceeds From Notes Payable: x + com/li/takeAssignment/takeAssignment Main.do?invokerStakeAssignmentSessionLocator &inprogressefalse Show Me How Calculator Estimated Warranty Liability Yummy Co. sold $744,000 of equipment during January under a two-year warranty. The cost to repair defects under the warranty is estimated at 6% of the sales price. On August 15, a customer required a $258 part replacement, plus $181 of labor under the warranty Required: (a) Provide the journal entry for...

  • Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two...

    Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash $1,390 $1,340 Temporary investments 2,990 Accounts receivable 3,020 3,150 2,270 2,040 2,210 Inventory Accounts payable 6,300 4,900 Required: a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT