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Early in 2022, Sheryl King Equipment sold 640 Rollomatics at 7,680 each. During 2022, King spent 25,600 from Cash,Supplies, Nages Payable servicing the 2-year warranties
Early in 2022, Sheryl King Equipment sold 640 Rollomatics at 7,680 each. During 2022, King spent 25,600 from Cash,Supplies, Nages Payable servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. a) Prepare 2022 entries for King. Assume that King estimates the total cost of servicing the warranties will be 70,400 for the 2 years. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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