Kyrgyz Co. sold $200,000 of equipment during February under a one-year warranty. The cost to repair defects
Question:
Kyrgyz Co. sold $200,000 of equipment during February under a one-year warranty. The cost to repair defects under the warranty is estimated at 6% of the sales price. On July 24, a customer required a $60 part replacement, plus $32 of labor under the warranty.
Provide the journal entry for
(a) The estimated warranty expense on February 28 for February sales,
(b) The July 24 warranty work.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (17 reviews)
a Feb 28 Product Warranty Expense 12000 ...View the full answer
Answered By
Amit Kumar
I am a student at IIT Kanpur , which is one of the prestigious colleges in INDIA.
Cleared JEE Advance in 2017.I am a flexible teacher because I understand that all students learn in different ways and at different paces. When teaching, I make sure that every student has a grasp of the subject before moving on.
I will help student to get the basic understanding clear. I believe friendly behavior with student can help both the student and the teacher.
I love science and my students do the same.
4.90+
44+ Reviews
166+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
Landfall Navigation began operations in 2014 and provides a one-year warranty on the products it sells. They estimate that 20,000 of the 400,000 units sold in 2014 will be returned for repairs and...
-
See Brief Exercise 24.6. Provide the journal entry for direct labor usage for the month of September for Loring Glassworks. Brief Exercise 24.6. A popular product of Loring Glassworks is a...
-
See Brief Exercise 24.8. Provide the journal entry for direct materials usage for the month of November for Hearts & Flowers. Brief Exercise 24.8. One of the products of Hearts & Flowers is a...
-
Granite Corp. sent a check to Overseas Equipment Co. When the check was reported lost, Granite wrote to its bank telling it to stop payment on the check. Granite then sent the money to Overseas...
-
Suppose you make a mercury barometer using a glass tube about 50 cm in length, closed at one end. What would you expect to see if the tube is filled with mercury and inverted in a mercury dish, as in...
-
Founded in 1995 by Mr Wang Chuanfu in Shenzhen, Southern China, BYD (Build Your Dreams) is today the largest supplier of rechargeable batteries in the world and has diversified into electronic...
-
Consider the following inventory data for the first two months of the year for CompX International: Required 1. Calculate the cost of goods sold and ending inventory for January and February under...
-
Bailey Mills recently won the jackpot in the New Jersey lottery while he was visiting his parents. When he arrived at the lottery office to collect his winnings, he was offered the following three...
-
Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December 31,2019 Sales Dividend income Cost of goods sold $750,000 15,000...
-
Susan Varhard, treasurer of the Gammamax Company, has proposed that the company should sell equity and buy back debt in order to maximize its value. As evidence, she presents the financial statements...
-
Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $35,000 for the period. The pension formula calculated a pension cost of...
-
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...
-
____________ To apply the F test in ANOVA, the sample size for each factor level (population) must be the same.
-
The following information is for the inventory of mini-kettles at Culver Company Limited for the month of May: Date Transaction Units In Unit Cost Total Units Sold Unit Price Total May 1 Balance 120...
-
Show that SBT a
-
2. Mr. And Mrs. James would like to need $30,000 per year during their retirement periods to have a comfortable life. They assume that they will retire in 20 years and expect a 15-year retirement...
-
An object is located 4 . 2 x 1 0 ^ 6 m above the Earth\'s surface. The minimum speed the object must have to escape Earth\'s gravity is?
-
These items are taken from the financial statements of Dragons Ltd. at December 2021: Accounts payable $ 21,050 Income tax expense $ 5,200 Accounts receivable 20,780 Interest expense 4,550...
-
Referring to Figure 24 , suppose that \(\oint_{C_{2}} \mathbf{F} \cdot d \mathbf{r}=12\). Use Green's Theorem to determine \(\oint_{C_{1}} \mathbf{F} \cdot d \mathbf{r}\), assuming that...
-
A consultant is beginning work on three projects. The expected profits from these projects are $50,000, $72,000, and $40,000. The associated standard deviations are $10,000, $12,000, and $9,000....
-
Is a credit balance in the GST control account shown as an asset or a liability in the balance sheet? Why?
-
Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 ............... Inventory .................. 240 units at $78 10 .....................Sale...
-
Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 ............... Inventory .................. 240 units at $78 10 .....................Sale...
-
Data on the physical inventory of Ashwood Products Company as of December 31, 2016, follows: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases...
-
1)A stock sells for $40. The next dividend will be $4 per share. If the rate of return earned on reinvested funds is 15 percent and the company reinvests 40 percent of earnings in the firm, what must...
-
Perpetrators will commit the same scheme or a similar fraud scenario many times
-
How much should you pay for a 10 lot subdivision if you require a 19% rate of return, no lots will be sold the first 3 years, and then you will sell one lot every 6 months until the lots are sold...
Study smarter with the SolutionInn App