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Business, 19.07.2020 01:01 flippinhailey
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.
Required:
a. Provide the journal entry for the estimated warranty expense on July 31 for July sales.
b. Provide the journal entry for the November 11 cash payment.
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Answers: 1
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Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. Th...
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