Monty Company sold 196 color laser copiers on July 10, 2020, for $3,670 apiece, together with...
Monty Company sold 196 color laser copiers on July 10, 2020, for $3,670 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $319.
Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020. Actual warranty costs (inventory) incurred in 2020 were $17,370.
Homework Answers
| Solution: | |||
| Journal Entries | |||
| Date | Account titles & explanations | Debit | Credit |
| Jul 10,2020 | Cash (196 * $3,670) | $719,320 | |
| Sales Revenue | $719,320 | ||
| (For Sale of 196 Laser Copiers ) | |||
| Dec 31,2020 | Warranty Expense | $17,370 | |
| Cash | $17,370 | ||
| (For warranty expense paid ) | |||
| Dec 31,2020 | Warranty Expense ($319*196 - $17,370) | $45,154 | |
| Warranty Liability | $45,154 | ||
| (For Warranty Liability Recorded) | |||
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Exercise 13-10 Buffalo Company sold 199 color laser copiers on July 10, 2017, for $3,930 apiece,...
Exercise 13-10
Buffalo Company sold 199 color laser copiers on July 10, 2017,
for $3,930 apiece, together with a 1-year warranty. Maintenance on
each copier during the warranty period is estimated to be
$354.
Prepare entries to record the sale of the copiers, the related
warranty costs, and any accrual on December 31, 2017. Actual
warranty costs (inventory) incurred in 2017 were $16,230.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the...
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Winslow Company sold 150 color laser copiers in 2015 for £4,000 apiece, together with a one-year assurance-type warranty. Maintenance on each copier during the warranty period averages £300. Prepare entries to record the sale of the copiers and the related warranty costs. Actual warranty costs incurred in 2015 were £17,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0...
need answers ERREU, ruang footnote disclosure. E13-10 (L03) (Warranties) Soundgarden Company sold 200 color laser copiers...
need answers
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Blue Spruce Corporation sold 138 colour laser copiers in 2020 for $4,380 each, including a one-year...
Blue Spruce Corporation sold 138 colour laser copiers in 2020
for $4,380 each, including a one-year warranty. Maintenance on each
machine during the warranty period averages $300.
1)
Prepare entries to record the machine sales and the related warranty costs under the expense approach. Actual warranty costs incurred in 2020 were $15,700. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select...
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Exercise 13-10
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for $3,930 apiece, together with a 1-year warranty. Maintenance on
each copier during the warranty period is estimated to be
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Prepare entries to record the sale of the copiers, the related
warranty costs, and any accrual on December 31, 2017. Actual
warranty costs (inventory) incurred in 2017 were $16,230.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the...
Winslow Company sold 150 color laser copiers in 2015 for £4,000 apiece, together with a one-year assurance-type warranty. Maintenance on each copier during the warranty period averages £300. Prepare entries to record the sale of the copiers and the related warranty costs. Actual warranty costs incurred in 2015 were £17,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0...
need answers
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Blue Spruce Corporation sold 138 colour laser copiers in 2020
for $4,380 each, including a one-year warranty. Maintenance on each
machine during the warranty period averages $300.
1)
Prepare entries to record the machine sales and the related warranty costs under the expense approach. Actual warranty costs incurred in 2020 were $15,700. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select...
Blue Spruce Corporation sold 138 colour laser copiers in 2020
for $4,380 each, including a one-year warranty. Maintenance on each
machine during the warranty period averages $300.
1)
Prepare entries to record the machine sales and the related warranty costs under the expense approach. Actual warranty costs incurred in 2020 were $15,700. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select...
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