Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions of Sandy Cruz occurred during 2018 (Click the icon to view the transactions.) Requirements Joumalize required transactions, any, In Crut's general journal.

image text in transcribed
image text in transcribed
image text in transcribed
The following transactions of Sandy Cruz occurred during 2018 (Click the icon to view the transactions.) Requirements Joumalize required transactions, any, In Crut's general journal. Explanations are not required. 2 What is the balance in Estimated Warranty Payable assuming a beginning balance of $07 1. Requirement 1. Joumalize required transactions, any, in Cruz's general joumal. Explanations are not required. (Record debits first, the credits. Exclude explanations from journal entries. F wil other cells blanke) Apr. 30: Cruz is party to a potent infringement inwuit of $200,000. Cruz's attorney is certain it is remote that one will lose this lawut Debit No entry required Date Accounts Credit A 30 Debit Credit Jun 30. Estimated warranty expense at 3% of sales of $360.000 Data Accounts han Warranty Expense Estimated Way Payable 10800 10000 Dent Cred Jul 28 Wamary dams paid in the amount of 16,400 Date Accounts und Warranty Pyeti Call 6400 6400 2. What is the balance in Estimated Warranty Payable assuming a beginning balance of 507 andra journal. Explanations are not required M. 20 Estimated Warranty Payable 6400 Cash 6400 Date Sep 30 Cruz is party to a lawsuit for copyright violation of $140,000. Cruz's attorney advised that it is probable car wil lose this towult. The attorney estimates the loss at $140,000 Accounts Debit Credit Sep 30 Estimated Loss from Law 140000 Estimated LG Payable 140000 Dec 31: Cruz estimated warranty expense on sales for the second half of the year of $540,000 at 3% Date Accounts Debit Credit Dec 31 Warranty Expense 16200 Estimated Warranty Payable 16200 Requirement 2. What is the balance in imated Warranty Payable assuming a beginning balance of $07 on the account to determine the ending balance for the Estimated Warranty Payable account. Una al posting reference to show the ending balance of the account Estimated Warranty Payable 20 6400 1oWoo Junt, 30 Dec 31 20600 16300 Do 31 27000 27000 utan mimar in the instalas and then con to the ti Cuted LOSS from Lawsuit Estimated Lawsuit Payable 140000 140000 Dec. 31: Cru: alf of the year of $540,000 at 3%. Date Debit Credit Dec. 31 No entry required Cash Estimated Lawsuit Payable Estimated Loss from Lawsuit Estimated Warranty Payable Warranty Expense 16200 16200 Requirement 2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0? Use the T-account to determine the ending balance for the Estimated Warranty Payable account. Use a "Bal" ponting reference Estimated Warranty Payable Jul. 28 6400 10800 Jun 30 Dec 31 20600 16200 Dec. 31 Ball 27000 27000 Bal Choose from any list or enter any number in the input fields and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Data Analytics For Auditing Using ACL

Authors: Alvin A. Arens

4th Edition

0912503629, 978-0912503622

More Books

Students also viewed these Accounting questions

Question

Identify three ways to run a macro in Excel.

Answered: 1 week ago

Question

Different types of Grading?

Answered: 1 week ago

Question

Explain the functions of financial management.

Answered: 1 week ago

Question

HOW MANY TOTAL WORLD WAR?

Answered: 1 week ago

Question

Discuss the scope of financial management.

Answered: 1 week ago

Question

What can Chandra do to correct her mistake?

Answered: 1 week ago