Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4.5% of the sales price. On November 11, a customer was given $220 cash under terms of the warranty. Provide the journal entry for the estimated warranty expense on July 31 for July sales. Provide the journal entry for the November 11 cash payment.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Ace Co. prepared an aging of its accounts receivable at December 31, 2020 and determined that the net realizable value of the receivables was $300,000.
Answers (1)
Total Tax Rate (% profit) is defined as ... the amount of taxes and mandatory contributions payable by the business in the second year of operation, expressed as a share of commercial profits. What is the U. S. s Total Tax Rate (% profit) ?
Answers (1)
Suppose that Mike has been holding asset B. (That is, Mike is holding a portfolio that entirely consists of asset B).
Answers (1)
The unadjusted trial balance of Sandhill Exposure Inc. had these balances for the following select accounts: Supplies $3,500, Unearned Service Revenue $8,450, and Prepaid Rent $1,600. At the end of the period, 1.
Answers (1)
Selected transactions for Protheroe Corporation during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $21,060 cash received from investors.
Answers (1)
New Questions in Business
true or false Activity cost pools are factory overhead costs initially budgeted for activities, such as machine usage, inspections, moving, production setups, and engineering activities.
Answers (1)
Prepare the Statement of Cash Flows for Smart Touch Learning for the month ended December 31, 2016 from the provided information. Within each section of the statement, use the drop-down menus to enter the accounts.
Answers (1)
A company is considering purchasing a machine for $21,000. The machine will generate an after-tax net income of $2,000 per year. Annual depreciation expense would be $1,500. What is the payback period for the new machine? a. 4 years. b. 6 years. c.
Answers (1)
A company purchased a delivery van for $15,500 with a salvage value of $2,300 on September 1, Year 1. It has an estimated useful life of 4 years.
Answers (1)
Money has a time value because
Answers (1)