Accrued product warranty

Chapter 11 - Payroll, Warranty Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 5% of sales. Assume that Busin sales were $335,000 for January. In February, a customer received warranty repairs requiring $285 of parts and $75 of labor For a compound transaction, if an amount box does not require an entry, leave it blank. a. Joumalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. Product Warranty Expense Product Warranty Payable y Ex 7 Check My Work The accrued product warranty amount is recorded in the same penod in which the sale is recorded, therefore following the matching Col concept. acc b. Journalize the entry to record the warranty work provided in February. Qu Product Warranty Payable Supplies Wages Payable / Com acco Consider what resources the company will have to use in order to satisfy the warranty