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BE10.7 Dresner Company has a December 31 fiscal year end. It receives a $9,600 property tax bill for the 2021 calendar year on March 31,
BE10.7 Dresner Company has a December 31 fiscal year end. It receives a $9,600 property tax bill for the 2021 calendar year on March 31, 2021. The bill is payable on June 30. Prepare entries for March 31, June 30, and December 31, assuming the company adjusts its accounts annually. Record property tax BE10.8 In 2021, Song Company introduces a new product that includes a two-year warranty on parts. During 2021, 4,400 units are sold for $450 each. The cost of each unit was $175. The company estimates that 5% of the units will be defective and that the average warranty cost will be $85 per unit. The company has a December 31 fiscal year end and prepares adjusting entries on an annual basis. Prepare an adjusting entry at December 31, 2021, to accrue the estimated warranty cost. Record warranty BE10.9 One-Stop Department Store has a loyalty program where customers are given One-Stop "Money" for cash or debit card purchases. The amount they receive is equal to 2% of the pre-tax sales total. Customers can use the One Stop Money to pay for part or all of their next purchase at One-Stop Department Store. On July 3, 2021, Judy Wishloff purchases merchandise and uses $50 of One Stop Department Store money. What entry or entries will One Stop Department Store record for this transaction? Ignore taxes. Record loyalty rewards issued and redeemed
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