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the last entry ps McCoy Industries completed the following transactions during 2024: (Click the icon to view the transactions.) Journalize the transactions. Explanations are not
the last entry ps
McCoy Industries completed the following transactions during 2024: (Click the icon to view the transactions.) Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Date Nov. 1: Made sales of $49,000. McCoy estimates that warranty expense is 6% of sales. (Record only the warranty expense.) Accounts Debit Credit Nov 1 Warranty Expense 2.940 Estimated Warranty Payable 2,040 Nov. 20: Paid $2,800 to satisfy warranty claims Date Accounts Nov 20 Estimated Warranty Payable Credit Debit 2,800 Cash 2,800 Credit Dec. 31. Estimated vacation benefits expense to be $3,000 Date Accounts Dec 31 Vacation Benefits Expense Vacation Benefits Payable Debit 3.000 3,000 Dec. 31McCoy expected to pay its employees a 5% bonus on not income after deducting the bonus. Net income for the year is $30,000. (Round to the nearest whole dollar.) Accounts Debit Credit Dec. 31 Date Step by Step Solution
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