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Novak Company sold 190 color laser copiers on July 10,2020, for $3,670 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty
Novak Company sold 190 color laser copiers on July 10,2020, for $3,670 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $298. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2020. Actual warranty costs (inventory) incurred in 2020 were $16,120. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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