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Scroll down to access page 2 of the journal. a . Journalize the adjusting entry required at January 3 1 , the end of the
Scroll down to access page of the journal. a Journalize the adjusting entry required at January the end of the first month of the current fiscal year, to record the accrued product warranty. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. How does grading work? PAGE JOURNALACCOUNTING EQUATION Score: DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries Jan. Product Warranty Expense Product Warranty Payable Points: b On February journalize the entry to record the warranty work provided in February. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. How does grading work? PAGE JOURNALACCOUNTING EQUATION Score: DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Feb. Product Warranty Payable Wages Payable Supplies Points: Check My Work a The accrued product warranty amount is recorded in the same period in which the sale is recorded, therefore following the matching concept. b Consider what resources the company will have to use in order to satisfy the warranty.
Scroll down to access page of the journal.
a Journalize the adjusting entry required at January the end of the first month of the current fiscal year, to record the accrued product warranty. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
How does grading work?
PAGE
JOURNALACCOUNTING EQUATION
Score:
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
Adjusting Entries
Jan.
Product Warranty Expense
Product Warranty Payable
Points:
b On February journalize the entry to record the warranty work provided in February. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
How does grading work?
PAGE
JOURNALACCOUNTING EQUATION
Score:
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
Feb.
Product Warranty Payable
Wages Payable
Supplies
Points:
Check My Work
a The accrued product warranty amount is recorded in the same period in which the sale is recorded, therefore following the matching concept.
b Consider what resources the company will have to use in order to satisfy the warranty.
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