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On December 3 1 , 2 0 2 5 , Cullumber Company sells production equipment to ToyCo Inc. for $ 8 1 , 0 0
On December Cullumber Company sells production equipment to ToyCo Inc. for $ Cullumber includes a year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December At December Cullumber estimates that $ of warranty costs will be incurred in the second year of the warranty.
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Prepare the journal entry to record this transaction on December List all debit entries before credit entries. 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 for the amounts.
Account Titles and Explanation
Debit
Credit
Repeat the requirements for a assuming that in addition to the assurance warranty, Cullumber sold an extended warranty servicetype warranty for an additional years for $List all debit entries before credit entries. 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 for the amounts.
Account Titles and Explanation
Debit
Credit
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