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Please help with Requirements 1 - 4 All journal entries for Requirement 4 are pictured below: Prepare journal entries to record ( a ) the
Please help with Requirements 1 - 4
All journal entries for Requirement 4 are pictured below:
Prepare journal entries to record ( a ) the copier'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. Journal entry worksheet Note: Enter debits before credits. ! Required Information [The following information applies to the questions displayed below.] Hitzu Company sold a copler (that costs $6,500 ) for $13,000 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 wlth an adjusting entry on December 31. On January 5 of Year 2 , the copler requires on-site repalrs that are completed the same day. The repairs cost $129 for materlals taken from the parts inventory. These are the only repalrs required in Year 2 for this copler. 1. How much warranty expense does the company report for this copler in Year 1? 2. How much is the estimated warranty llability for this copler as of December 31 of Year 1? 3. How much is the estimated warranty llability for this copler as of December 31 of Year 2? 4. Prepare journal entrles to record (a) the copler's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1 ; and (c) the repalrs that occur on January 5 of Year 2. Complete this question by entering your answers in the tabs below. Prepare journal entries to record ( a ) the copier'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. Journal entry worksheet 1 2 3 4 Record the sale of a copier for $13,000 cash. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare journal entries to record (a) the copier'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. Journal entry worksheet Record the cost of repairs that occur on January 5 of Year 2 . Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare journal entries to record (a) the copier'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. Journal entry worksheet 1234 Record the estimated warranty expense at 4% of the sales. Note: Enter debits before credits. ! Required Information [The following information applies to the questions displayed below.] Hitzu Company sold a copler (that costs $6,500 ) for $13,000 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 copler requires on-site repairs that are completed the same day. The repairs cost $129 for materlals taken from the parts Inventory. These are the only repalrs required In Year 2 for this copler. 1. How much warranty expense does the company report for this copler In Year 1? 2. How much is the estimated warranty llability for this copler as of December 31 of Year 1? 3. How much is the estimated warranty llability for this copler as of December 31 of Year 2? 4. Prepare journal entrles to record ( a ) the copler's sale; (b) the adjustment to recognlze the warranty expense on December 31 of Year 1 ; and (c) the repalrs that occur on January 5 of Year 2. Complete this question by entering your answers in the tabs below. Req 1 to 3 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
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