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Brief Exercise 13-25 Bridgeport Corp. provides at no extra charge a two-year warranty with one of its products, which was first sold in 2020. In that year, Bridgeport sold products for $2.71 million and spent $70,100 servicing warranty claims. At year end, Bridgeport estimates that an additional $523,200 will be spent in the future to service warranty claims related to the 2020 sales. Prepare Bridgeport's journal entries to record the sale of the products, the $70,100 expenditure, and the December 31 adjusting entry under the assurance-type warranty approach. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2020 (To record cash sale) 2020 (To record warranty expense) Dec. 31, 2020Brief Exercise 13-25 Bridgeport Corp. provides at no extra charge a two-year warranty with one of its products, which was first sold in 2020. In that year, Bridgeport sold products for $2.71 million and spent $70,100 servicing warranty claims. At year end, Bridgeport estimates that an additional $523,200 will be spent in the future to service warranty claims related to the 2020 sales. Prepare Bridgeport's journal entries to record the sale of the products, the $70,100 expenditure, and the December 31 adjusting entry under the assurance-type warranty approach. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2020 (To record cash sale) 2020 (To record warranty expense) Dec. 31, 2020 Cash Warranty Expense LINK TO TEX No Entry Materials, Cash, Payables LINK TO VIDEO Warranty Liability Warranty Revenue Sales Revenue Unearned Revenue Question Attempts: 0 of 3 used