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Classic Sales Company offers warranties on all their electronic goods. Warranty expense is estimated at 3% of sales revenue. In 2018, the company had $602,000
Classic Sales Company offers warranties on all their electronic goods. Warranty expense is estimated at 3% of sales revenue. In 2018, the company had $602,000 of sales. In the same year, it paid out $12,000 of warranty payments. Which of the following is the entry needed to record the estimated warranty expense?
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