! Required information [The following information applies to the questions displayed below) Hitzu Company sold a copler (that costs $4.500) for $9.000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 6% 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 $94 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 copler 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 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. Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 4 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 copier as of December 31 of Year 17 3. How much is the estimated warranty liability for this copler as of December 31 of Year 2? 1. Warranty expense 2. Estimated warranty liability as of December 31 of Year 1 3. Estimated warranty liability as of December 31 of Year 2 Reg 4 > 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 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 of the copler's sale. (b) the adjustment to recognize the warranty expense on December 31 1; and (the repairs that occur on January 5 of Year 2 Complete this question by entering your answers in the tabs below. Reg 1 to 3 Rag Prepare journal entries to record () the copier's sale: () the adjustment to recome the warranty expense on December and (c) the repairs that occur on January 5 of Year 2 View transactional Journal entry worksheet Preu 561 Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 4 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. View transaction list Journal entry worksheet 1 2 3 4 Record the cost of goods sold of $4,500 Note: Enter debits before credits Debit Credit Date General Journal August 16 View general journal Clear entry Record entry 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 View transaction list Journal entry worksheet 2 3 4 Record the estimated warranty expense at 6% of the sales. Note: Enter debits before credits Debit Credit General Journal Date December 31 View general journal Clear entry Record entry Red 1 to 3 Reg4 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. View transaction list Journal entry worksheet 1 2 8 Record the cost of repairs that occur on January 5 of Year 2. 1 3 > Note: Entur debits before credits General Journal Debit Credit Date January 05 Record entry Clear entry View general journal
