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Savory Co. sold $449,000 of consumer electronics during July under a one-year warranty. The cost to repair defects under the warranty is estimated at 6%
Savory Co. sold $449,000 of consumer electronics during July under a one-year warranty. The cost to repair defects under the warranty is estimated at 6% of the sales price. On November 11, a customer was given $443 cash under terms of the warranty. Provide the journal entry for the estimated warranty expense on July 31 for July sales. Provide the journal entry for the November 11 cash payment
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