Please solve all parts correctly and i can rate very fast !
Required information Use the following information for the Exercises below. (Algo) [The following information applles to the questions displayed below.] Hitzu Company sold a copier (that costs $7,500 ) for $15,000 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 $131 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copier. Exercise 9-12 (Algo) Warranty expense and liability computations and entries LO P4 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 3 of Year 1 ; and (c) the repairs that occur on January 5 of Year 2. Complete this question by entering your answers in the tabs below. 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 ? 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 sale of a copier for $15,000 cash. Note: Enter debits before credits. and (c) the repairs that occur on January 5 of Year 2. Journal entry worksheet Record the cost of goods sold of $7,500. Note: Enter debits before credits. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on and (c) the repairs that occur on January 5 of Year 2. Journal entry worksheet Record the estimated warranty expense at 4% of the sales. Note: Enter debits before credits. Journal entry worksheet 1 Record the cost of repairs that occur on January 5 of Year 2. Note: Enter debits before credits. Exercise 9-13 (Algo) Financial statement impact of warranty transactions LO P4 Analyze each of the following transactions: (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Yoar 1 , and (c) the repairs that occur on January 5 of Year 2, Show each transection's effect on the accounting equation-specifically, identify the accounts and amounts fincluding + or -1 for each. Note: Enter all amounts as positive value
