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On September 1, Home Store sells a mower (that costs $220) for $520 cash with a one-year warranty that covers parts. Warranty expense is estimated
On September 1, Home Store sells a mower (that costs $220) for $520 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $36 in materials taken from the Repair Parts Inventory Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 Record the mower sales. Note: Enter debits before credits General Journal Debit Credit Date Sep 01 On September 1, Home Store sells a mower (that costs $220) for $520 cas expense is estimated at 8% of sales. On January 24 of the following year, warranty requiring $36 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) (Round your answers to 2 decimal places.) View transaction list EX: 1 Record the mower sales. 2 Record the cost of mower sales. 3 Record the estimated warranty expense. * 4 Record the cost of warranty repairs. Prey 5 of 12 th o & OM w]
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