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The accounting records of Made from Clay Manufacturing included the following at 30 June 2016: In the past, Made from Clay's warranty expense has been
The accounting records of Made from Clay Manufacturing included the following at 30 June 2016: In the past, Made from Clay's warranty expense has been 3% of sales. During 2016/2017, Made from Clay made sales of $185000 and paid $7000 to satisfy warranty claims. Requirements s during 2016/2017. (Record debits first, then credits. Explanations aren't required.) 1. Journalise Made from Clay's warranty expense and warranty payments during 2016/2017. Explanations aren't required. 2. What balance of estimated warranty payable will Made from Clay report on its balance sheet as at 30 June 2017
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