Early in 2025, Swifty Equipment sold 500 Rollomatics at $5,500 each. During 2025, Swifty spent $18,000 servicing the 2-year assurance warranties with inventory, cash, and payables that accompany the Rollomatic. All sales transactions are on a cash basis. Show Transcribed Text Prepare 2025 entries for Swifty assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, $51,000 relates to sales of warranty contracts. Warranty costs incurred in 2025 were $18,000. Estimate revenues to be recognized on a straight-line basis. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation I (To record the sale and related warranties) Debit Credit

Early in 2025, Swifty Equipment sold 500 Rollomatics at $5,500 each. During 2025, Swifty spent $18,000 servicing the 2-year assurance warranties with inventory, cash, and payables that accompany the Rollomatic. All sales transactions are on a cash basis. Show Transcribed Text Prepare 2025 entries for Swifty assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, $51,000 relates to sales of warranty contracts. Warranty costs incurred in 2025 were $18,000. Estimate revenues to be recognized on a straight-line basis. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation I (To record the sale and related warranties) Debit Credit

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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