Sweet Baking Company sells professional grade mixers for home use. The machines carry a 2-year warranty. Past experience indicates that 6% of the units sold will be returned during the warranty period for repairs. The average cost of repairs under warranty is $70 for labor and $90 for parts per unit. During 2020, 2,500 mixers were sold at an average price of $800. During the year, 60 of the machines that were sold were repaired at the average price per unit.

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Exercise 188 a-b (Part Level Submission) Sweet Baking Company sells professional grade mixers for home use. The machines carry a 2- year warranty. Past experience indicates that 6% of the units sold will be returned during the warranty period for repairs. The average cost of repairs under warranty is $70 for labor and $90 for parts per unit. During 2020, 2,500 mixers were sold at an average price of $800. During the year, 60 of the machines that were sold were repaired at the average price per unit. Your answer has been saved and sent for grading. See Gradebook for score details. Prepare the journal entry to record the repairs made under warranty. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Warranty Liability 9600 Repair Parts 5400 Salaries and Wages Payable 4200 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 1 used Prenare the iournal entry to record the warranty eynense for the vear (Credit account titles Help | System Announcements Exercise 188 a-b (Part Level Submission) Remaining 56 mi CALCULATOR PRINTER VERSION BACK NEXT al enty to record the repairs made under warranty. (Credit account titles Prepare are autmatica Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cost of Goods Sold Depreciation Expense Equipment Federal Income Taxes Payable Federal Unemployment Taxes Payable FICA Taxes Payable Health Insurance Payable Insurance Expense Interest Expense Interest Payable Inventory Lawsuit Liability Lawsuit Loss Long-term Debt Mortgage Payable Notes Payable Other Operating Expenses Owner's Capital Payroll Tax Expense Pension Expense Pension Liability Prepaid Expenses Prepaid Insurance Repair Parts Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Sales Taxes Payable Service Contracts in Process State Income Taxes Payable State Unemployment Taxes Payable Subscription Revenue Ticket Revenue U.S. Savings Bonds Payable Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Union Dues Payable United Fund Contributions Payable Vacation Benefits Expense Vacation Benefits Payable Warranty Expense Warranty Liability ented when the amount is entered. Do not indent manually. If no required, selest"NoEntry" for the account titles an enter for the amounts.) Account Titles a bi Credit Warranty Liability epa 540 Salaries and Wages P Click if you wo e to Sho Work forthis question: O SHO ST O UNTSSH TION S IN EXT empts: 1 of 1 used Prepare the journal entry to record the warranty expense for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 0 of 1 used