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Monty Factory provides a 2-year warranty with one of its products which was first sold in 2025. Monty sold $951.800 of products subject to the
Monty Factory provides a 2-year warranty with one of its products which was first sold in 2025. Monty sold $951.800 of products subject to the warranty, Monty expects $121.810 of warranty costs over the next 2 years, In that year, Monty spent $67,160 servicing warranty claims. Prepare Monty's journal entry to record the sales fignore cost of goods sold) and the December 31 adjusting entry. assuming the expenditures are inventory costs. (If no entry is required, select "No Entr" for the account titles and enter 0 for the arnounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries)
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