The accounting records of Sculpted Ceramics included the following at January 1, 2024: In the past, Sculpteds

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The accounting records of Sculpted Ceramics included the following at January 1, 2024:image text in transcribed

In the past, Sculpted’s warranty expense has been 9% of sales. During 2024, Sculpted made sales of $113,000 and paid $7,000 to satisfy warranty claims.


Requirements 

1. Journalize Sculpted’s warranty expense and warranty payments during 2024.
Explanations are not required.
2. What balance of Estimated Warranty Payable will Sculpted report on its balance sheet at December 31, 2024?

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Horngrens Financial And Managerial Accounting The Managerial Chapters

ISBN: 9781292412337

7th Global Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

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