part 1 helps with part 2

part 1

part 2

Equity

Hitzu Company sold a copier (that costs $5,500 ) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1 . Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $135 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copier. 1. How much warranty expense does the company report for this copier in Year 1 ? 2. How much is the estimated warranty llability for this copier as of December 31 of Year 1 ? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2 ? 4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Yec 1; and (c) the repairs that occur on January 5 of Year 2. Answer is not complete. Complete this question by entering your answers in the tabs below. 1. How much warranty expense does the company report for this copler in Year 1 ? 2. How much is the estimated warranty liability for this copler as of December 31 of Year 1 ? 3. How much is the estimated warranty liability for this copler as of December 31 of Year 2? 1. How much warranty expense does the company report for this copier in Year 1 ? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1 ? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2 ? 4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Yea 1; and (d) the repairs that occur on January 5 of Year 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare journal entries to record (a) the copler's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. Hitzu Company sold a copier (that costs $5,500 ) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. it records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requiles on-site repairs that are completed the same day. The repairs cost $135 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copier. nalyze each of the following transactions: (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 f Year 1; and (c) the repairs that occur on January 5 of Year 2. Show each transaction's effect on the accounting equation-specifically. lentify the accounts and amounts (including + of - f for each. (Enter all amounts as positive vatue.)