Landcaster, Inc., sells its products with a service contract. In Year 1, Landcaster sells 60 machines for
Question:
Landcaster, Inc., sells its products with a service contract. In Year 1, Landcaster sells 60 machines for $2,500 each. The selling price includes the estimated warranty costs of $225 per machine. In Year 1, Landcaster pays $22,500 for warranty costs. Prepare Landcaster’s journal entries related to the sales and warranty in Year 1 using the sales warranty accrual method.
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Sale of machines Cash or Accounts Receivable 150000 Sales 136500 Unearned Warranty ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
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