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(6x Points) Question #4 Assume that the $1,350 selling price, for Question #3 above, that the Visiono Company sells its Television Sets included the cost
(6x Points) Question #4 Assume that the $1,350 selling price, for Question #3 above, that the Visiono Company sells its Television Sets included the cost of the 1-year warranty of $135 per unit. Required: Assuming the warranty is a service-type prepare all necessary journal entries for 2020 and 2021. a) Sale of the Television Sets for cash on September 1, 2020, (1 Point) b) The payment or incurrence of the warranty costs to be recorded on December 31, 2020. (1x Points) c) The amount of warranty revenue to be recorded on December 31, 2020. (1 1/2 points) d) The payment or incurrence of the warranty costs and any associated warranty revenue to be recorded on September 1, 2021. (2 1/2 points) (6x Points) Question #4 Assume that the $1,350 selling price, for Question #3 above, that the Visiono Company sells its Television Sets included the cost of the 1-year warranty of $135 per unit. Required: Assuming the warranty is a service-type prepare all necessary journal entries for 2020 and 2021. a) Sale of the Television Sets for cash on September 1, 2020, (1 Point) b) The payment or incurrence of the warranty costs to be recorded on December 31, 2020. (1x Points) c) The amount of warranty revenue to be recorded on December 31, 2020. (1 1/2 points) d) The payment or incurrence of the warranty costs and any associated warranty revenue to be recorded on September 1, 2021. (2 1/2 points)
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