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. Refer to the Chart of Accounts for exact wording of account titles.
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. Refer to the Chart of Accounts for exact wording of account titles.
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Homework Answers
a.
| Journal Entry | |||
| Date | Particulars | Debit | Credit |
| 31-Jan | Estimated Warranty Expense (260000*4%) | $10,400 | |
| Eatimated Warranty Payable | $10,400 |
b.
| Journal Entry | |||
| Date | Particulars | Debit | Credit |
| 15-Aug | Estimated Warranty Payable | $150 | |
| Parts inventory | $100 | ||
| Wages Payable | $50 |
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