Respuesta :
Answer:
Sep 11
Dr Cash 590.00
Cr Sales 590.00
Dec 31
Dr Warranty expense 59.00
Cr Estimated warranty liability 59.00
July 24
Dr Estimated warranty liability 41.00
Cr Repair parts inventory 41.00
Explanation:
Home Store Journal entry
Sep 11
Dr Cash 590.00
Cr Sales 590.00
Dec 31
Dr Warranty expense (590*10%) 59.00
Cr Estimated warranty liability 59.00
July 24
Dr Estimated warranty liability 41.00
Cr Repair parts inventory 41.00
Answer:
Sep 11 2016 Debit Credit
Cash $590
Sales $590
To record the sales
Sep 11 2016 Debit Credit
Warranty Expense (590×10%) $59
Estimated Warranlty Liability $59
To record Estimated Warranlty Liability
July 24 20167 Debit Credit
Estimated Warranlty Liability $41
Repair Parts inventory $41
Explanation:
The entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs would be as follows:
Sep 11 2016 Debit Credit
Cash $590
Sales $590
To record the sales
Sep 11 2016 Debit Credit
Warranty Expense (590×10%) $59
Estimated Warranlty Liability $59
To record Estimated Warranlty Liability
July 24 20167 Debit Credit
Estimated Warranlty Liability $41
Repair Parts inventory $41