24. The following information has been gathered from the financial statements of Quest Company. What is the Accounts Receivable turnover for 2015 2015 2014 Net Sales Cost of Goods Sold $1,860,000 $ 960,000 Year-end Merchandise Inventory $ 192,000 270,000 $2,000,000 S 900,000 $ 162,000 S 300,000 Accounts Receivable 25. During July, Audio City sold 200 radios for $50 each. Each radio had cost Audio City $31 to manufacture and carried a two-year warranty. Five percent typically is the failure rate over the warranty period but only 1 radios are actually replaced during July the amount used to record the Product Warranty Expense for July is a. $620 b. $31 c. $155 d. $310 26. The entry to record the replacement of the defective radio during July is a. Debit Warranty expense b. Debit Warranty Liability C. Debit Warranty liability d. Debit Warranty Liability $31 Credit Inventory Credit Warranty expense $31 Credit Inventory $31 $31 $50 $50 $31 Credit Inventory $31