3-Part Question

Exercise 8-15A Record warranties over two years (LO8-5) The following information applies to the questions displayed below. Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022to be 2% of current sales. Actual warranty costs in 2022 are $25,000. Also in 2022, Lindy has additional sales of $2.400,000 and revises its estimate of warranty costs associated with sales in 2022 to be 1.5%. Exercise 8-15A Parts 1,2 &3 Required 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the contingent liability for warranties for the year ending December 31, 2021 Note: Enter debits before credits. Date Account Title Debit Credit 31, 2021 Exercise 8-15A Record warranties over two years (LO8-5) The following information applies to the questions displayed below.] Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2% of current sales. Actual warranty costs in 2022 are $25,000. Also in 2022, Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs associated with sales in 2022 to be 1.5%. Exercise 8-15A Parts 1, 2& 3 Requirec 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the actual warranty expenditures, assuming all costs were paid in cash. Note: Enter debits before credits. Date December 31, 2022 Account Title Debit Credit Exercise 8-15A Record warranties over two years( The following information applies to the questions displayed below LO8-5) Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2% of current sales. Actual warranty costs in 2022 are $25,000. Also in 2022, Lindy has additional sales of $2.400,000 and revises its estimate of warranty costs associated with sales in 2022 to be 15%. Exercise 8-15A Parts 1, 2 & 3 Required 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the contingent liability for warranties for the year ending December 31, 2022 Note: Enter debits before credits. Date December 31, 2022 Account Title Debit Credit