Business, 29.12.2020 23:40 aaronk1120

Spares Co. sells products under a two-year assurance-type warranty. The estimated cost of warranty repairs is 2% of net sales. In 2019, Spares sold $3 million in products. Record the journal entries for the warranties associated with these sales. A. Cr. Inventory $60,000
B. Dr. Warranty Expense $60,000
C. Dr. Cash $60,000
D. Dr. Cost of Goods Sold $60,000
E. Cr. Warranty liability $60,000
F. Cr. Warranty Expense $60,000

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