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Logan Marufacturing Co. warrants its products for one year. The estimated product warranty is 2.5% of sales. Assume that sales were $398,000 for January. In
Logan Marufacturing Co. warrants its products for one year. The estimated product warranty is 2.5% of sales. Assume that sales were $398,000 for January. In Feoruary, a custorner received warranty repairs requiring $410 of parts and $250 of labot. Required: a. Joumaize the adjusting entry required af Januay 31 , the end of the fist month of the current fiscal yoar, to record the accrued proctuct warranty: b. On February 28 , joumalize the entry to record the warranty work provided in Fobruary. "Refer fo the chart of accounts for the oxact wording of the account titles, CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is usod for debit or crodit entries. CNOW joumals will automaticaly indont a credit entry when a credit amount is entered
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