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Igloo Company estimates its annual warranty expense as 3% of annual net sales. The following data relate to the calendar year 2021: Net sales $1,500,
Igloo Company estimates its annual warranty expense as 3% of annual net sales. The
following data relate to the calendar year 2021:
Net sales $1,500,000
Warranty liability account
Balance, Dec. 31, 2020 $10,000 debit before adjustment
Balance, Dec. 31, 2021 20,000 credit after adjustment
Which one of the following entries was made to record the 2021 estimated warranty expense?
following data relate to the calendar year 2021:
Net sales $1,500,000
Warranty liability account
Balance, Dec. 31, 2020 $10,000 debit before adjustment
Balance, Dec. 31, 2021 20,000 credit after adjustment
Which one of the following entries was made to record the 2021 estimated warranty expense?
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