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Please help with the unanswered and wrong questions 4 On November 10, 2020, Singh Electronics began to buy and resell scanners for $64 each. Singh
Please help with the unanswered and wrong questions
4 On November 10, 2020, Singh Electronics began to buy and resell scanners for $64 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new scanner is only $44. Singh estimates warranty costs based on 20% of the number of units sold. The following transactions occurred in 2020 and 2021 (Ignore GST and PST): 2020 Nov 30 Recognized warranty expense for November with an adjusting entry. 15 Sold 3,500 scanners for $224,000 cash Dee. 8 Replaced 240 scanners that were returned under the warranty. 15 Soid 6,400 scanners. 29 Replaced 58 scanners that were returned under the warranty. 31 Recognized warranty expense for December with an adjusting entry. 2021 Jan. 14 Sold 320 scanners. 20 Replaced 80 scanners that were returned under the warranty. 31 Recognized warranty expense for January with an adjusting entry. Required: 1. How much warranty expense should be reported for November and December 2020? Answer complete and correct. Warranty Expense November 30.800 December 56,320 Total $ 87,120 for January 2021? (Round intermediate calculations and final answer to the 2. How much expense should be nearest whole number.) Answer complete and correct. Warranty expense 2,816 4 3. What is the balance of the estimated warranty liability as of December 31, 2020? Answer is not complete. $ 30,000 credit credit Warranty expense for November Warranty expense for December Cost of replacing items in December Liability balance debit $ 73,304 4. What is the balance of the estimated warranty liability as of January 31, 2021? Answer is not complete. credit credit Beginning balance Warranty expense for January Cost of replacing items in January Liability balance debit credit 5. Prepare journal entries to record ALL transactions and year-end adjustments (ignore sales taxes). (Round intermediate calculations and final answer to the nearest whole number.) Answer is not complete. No Date General Journal Debit Credit 4 r References 5. Prepare journal entries to record ALL transactions and year-end adjustments (ignore sales taxes). (Round intermediate calculations and final answer to the nearest whole number.) View transaction list 1 Record the sale of scanners to customers. 12 > 2 Record the cost of the November 15 sale. 3 Record the scanner warranty expense and liability at 20% of the units sold. 4 Record the cost of scanner warranty replacements. 5 Record the sale of scanners to customers. Credit 6 Record the cost of the December 15 sale. 7 Record the cost of scanners warranty replacements. Dornrn the crannar warrant avnance and liability at Note : = journal entry has been entered Record entry Clear entry View general Journal 4 References 5. Prepare journal entries to record ALL transactions and year-end adjustments (ignore sales taxes). (Round Intermediate calculations and final answer to the nearest whole number.) View transaction list 6 Record the cost of the December 15 sale. 12 > 7 Record the cost of scanners warranty replacements. 8 Record the scanner warranty expense and liability at 20% of the units sold. 9 Record the sale of scanners to customers. Credit 10 Record the cost of the January 14 sale. 11 Record the cost of scanner warranty replacements. 12 Record the scanner warranty expense and liability at 20% of the units sold. Note : journal entry has been entered Record entry Clear entry View general journalStep by Step Solution
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