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Introductory Financial Accounting II Winter 2021 Question 4 (7 marks) Jane Company extends a warranty on children's tablets. They estimate that 3% of tablets will

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Introductory Financial Accounting II Winter 2021 Question 4 (7 marks) Jane Company extends a warranty on children's tablets. They estimate that 3% of tablets will need to be replaced. The sales price of one tablet is $250 and the cost is $125. Total tablet sales were 10,000 tablets for $2,500,000 in 2020. On February 14, 2021, Jane company replaced 30 tablets under warranty. REQUIRED: 1. Prepare the necessary adjusting entry on December 31, 2020 below: 2. Prepare the necessary journal entry on February 14, 2021 below: Date Account Title and Explanation PR Debit Credit

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