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Fosters Manulacturing Co. Warrants its products for one year, The estimated protuct wamanty is 4% of eales. Assume that sales were s660,000 for January, On
Fosters Manulacturing Co. Warrants its products for one year, The estimated protuct wamanty is 4\% of eales. Assume that sales were s660,000 for January, On Fobruary 7 , a customer received warranty repairs requiring $250 of parts and 595 of labor. Required: a. Journafize the adjusting entry required af January 31, the end of the fint month of the current fscal year, to record the acconed prodict warranty b. Joumatie the entry le record the warranty work provided in February General Ledger Chart of Accounts EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends a. Joumalize the aclusting entry required at January 31, the end of the first month of the cument flscal year, fo record the accued product warranty b. On Fobruary 7, joumatizo the entry to record the warranty work provided in Fobruary
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