Early in 2025, Novak Equipment sold 500 Rollomatics at $6,500 each. During 2025, Novak spent $21,000 servicing the 2-year assurance warranties with inventory, cash, and payables that accompany the Rollomatic. All sales transactions are on a cash basis. (a) Prepare 2025 entries for Novak. Assume that Novak estimates the total cost of servicing the warranties in the second year will be $39,000. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

Early in 2025, Novak Equipment sold 500 Rollomatics at $6,500 each. During 2025, Novak spent $21,000 servicing the 2-year assurance warranties with inventory, cash, and payables that accompany the Rollomatic. All sales transactions are on a cash basis. (a) Prepare 2025 entries for Novak. Assume that Novak estimates the total cost of servicing the warranties in the second year will be $39,000. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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