- vehicle extended warranty
Hadley Industries warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $210,000 for June. In July, a customer received warranty repairs requiring $205 of parts and $75 of labor.
1. Journalize the adjusting entry required at June 30, the end of the first month of the current year, to record the accrued product warranty.
2. Journalize the entry to record the warranty work provided in July. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
1. Journalize the adjusting entry required at June 30, the end of the first month of the current year, to record the accrued product warranty.
2. Journalize the entry to record the warranty work provided in July. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
Homework Help - Accounting?
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