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Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys' sales were $1,450.000. Previous quarterly entries debiting Product Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year. 43,500 Journal entry necessary to bring the account to the needed balance at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Product Warranty Expense 14,800 Product Warranty Payable 14,800

Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys' sales were $1,450.000. Previous quarterly entries debiting Product Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year. 43,500 Journal entry necessary to bring the account to the needed balance at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Product Warranty Expense 14,800 Product Warranty Payable 14,800

FINANCIAL ACCOUNTING
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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Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys' sales were $1,450,000. Previous quarterly entries debiting Product Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year. 43,500 Journal entry necessary to bring the account to the needed balance at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Product Warranty Expense 14,800 Product Warranty Payable 14,800
Transcribed Image Text:Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys' sales were $1,450,000. Previous quarterly entries debiting Product Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year. 43,500 Journal entry necessary to bring the account to the needed balance at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Product Warranty Expense 14,800 Product Warranty Payable 14,800
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