EX 11-20Accrued product warrantyOBJ. 5Logan Manufacturing Co. warrants its products for one year. The estimated product war-ranty is 2.5% of sales. Assume that sales were $398,000 for January. In February, a cus-tomer received warranty repairs requiring $410 of parts and $250 of labor.Journalize the adjusting entry required at January 31, the end of the first month ofthe current fiscal year, to record the accrued product warranty.b. Journalize the entry to record the warranty work provided in February. EX 11-20 Accrued product warrantyOBJ. 5DEISUiow Logan Manufacturing Co. warrants its products for one year. The estimated product war-ranty is 2.5% of sales. Assume that sales were $398,000 for January. In February, a cus-tomer received warranty repairs requiring $410 of parts and $250 of labor.a. Journalize the adjusting entry required at January 31, the end of the first month ofthe current fiscal year, to record the accrued product warranty.b. Journalize the entry to record the warranty work provided in February.bbre uc(2nglllim o)

A journal entry is the act of keeping records of any transaction either economic or non economic.…

Answered: EX 11-20 Accrued product warranty OBJ.…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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EX 11-20 Accrued product warranty OBJ. 5 Logan Manufacturing Co. warrants its products for one year. The estimated product war- ranty is 2.5% of sales. Assume that sales were $398,000 for January. In February, a cus- tomer received warranty repairs requiring $410 of parts and $250 of labor. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in February.

EX 11-20 Accrued product warranty
OBJ. 5
DEISU
iow Logan Manufacturing Co. warrants its products for one year. The estimated product war-
ranty is 2.5% of sales. Assume that sales were $398,000 for January. In February, a cus-
tomer received warranty repairs requiring $410 of parts and $250 of labor.
a. Journalize the adjusting entry required at January 31, the end of the first month of
the current fiscal year, to record the accrued product warranty.
b. Journalize the entry to record the warranty work provided in February.
bbre uc
(2nglllim o)

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