Submit test = Test: Chapte... Question 1 of 15 This question: 1 polnt(s) possible The accounting records of Courrier's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expenso Beg bal 4,500 112,000 In the past, Courrier's warranty expense has been 7% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the couremen Requirement 1. Joumalize Courrier's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. Start by oumalizing the warranty expense. (Record debits first, then credits. Exclude explanations from Journal entries.) Journal Entry Accounts Debit Credit Date Now joumalize the warranty payments, Joumal Entry Dato Accounts Debit Credit Sales Revenue Warranty Expense Accrued Warranty Payablo Beg bal 4,500 112,000 In the past, Courrier's warranty expense has been 7% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the forcements Requirement 2. Show what Courrier's will report on its income statement and balance shoot for this situation at the end of the period. (If an input field is not used in the statement, leave the field empty, do not select a label or enter a zero.) Begin by showing what the company would report on its income statement at the end of the period. Income Statement Now show what the company would report on its balance sheet at the end of the period, Balance Sheet Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Courrier's current ratio Increase or decrease due to this item? The accounting records of Coumer's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expense Bog bal 4,500 112,000 In the past, Courrier's warranty expense has been 7% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the fequirement Income Statement Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Requirement 3. Which data tom from requirement 2 will affect the current ratlo? Will Courrier's current ratio Increase or decrease due to this item? Which data item from Requirement 2 will affect Courrier's current ratio? Will Courrier's current ratio increase or decrease as a result of an increase in this tem? Submit test = Test: Chapte... Question 1 of 15 This question: 1 polnt(s) possible The accounting records of Courrier's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expenso Beg bal 4,500 112,000 In the past, Courrier's warranty expense has been 7% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the couremen Requirement 1. Joumalize Courrier's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. Start by oumalizing the warranty expense. (Record debits first, then credits. Exclude explanations from Journal entries.) Journal Entry Accounts Debit Credit Date Now joumalize the warranty payments, Joumal Entry Dato Accounts Debit Credit Sales Revenue Warranty Expense Accrued Warranty Payablo Beg bal 4,500 112,000 In the past, Courrier's warranty expense has been 7% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the forcements Requirement 2. Show what Courrier's will report on its income statement and balance shoot for this situation at the end of the period. (If an input field is not used in the statement, leave the field empty, do not select a label or enter a zero.) Begin by showing what the company would report on its income statement at the end of the period. Income Statement Now show what the company would report on its balance sheet at the end of the period, Balance Sheet Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Courrier's current ratio Increase or decrease due to this item? The accounting records of Coumer's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expense Bog bal 4,500 112,000 In the past, Courrier's warranty expense has been 7% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the fequirement Income Statement Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Requirement 3. Which data tom from requirement 2 will affect the current ratlo? Will Courrier's current ratio Increase or decrease due to this item? Which data item from Requirement 2 will affect Courrier's current ratio? Will Courrier's current ratio increase or decrease as a result of an increase in this tem