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Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $195,000 for January. On February 7, a customer received warranty repairs requiring $290 of parts and $80 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. If an amount box does not require an entry, leave it blank.   Product Warranty Expense  fill in the blank de49f2038077f99_2 fill in the blank de49f2038077f99_3   Product Warranty Payable  fill in the blank de49f2038077f99_5 fill in the blank de49f2038077f99_6   Feedback b.  Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank.   Product Warranty Payable  fill in the blank 6bb2adf3f03304a_2 fill in the blank 6bb2adf3f03304a_3   Supplies  fill in the blank 6bb2adf3f03304a_5 fill in the blank 6bb2adf3f03304a_6   Wages Payable  fill in the blank 6bb2adf3f03304a_8 fill in the blank 6bb2adf3f03304a_9

Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $195,000 for January. On February 7, a customer received warranty repairs requiring $290 of parts and $80 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. If an amount box does not require an entry, leave it blank.   Product Warranty Expense  fill in the blank de49f2038077f99_2 fill in the blank de49f2038077f99_3   Product Warranty Payable  fill in the blank de49f2038077f99_5 fill in the blank de49f2038077f99_6   Feedback b.  Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank.   Product Warranty Payable  fill in the blank 6bb2adf3f03304a_2 fill in the blank 6bb2adf3f03304a_3   Supplies  fill in the blank 6bb2adf3f03304a_5 fill in the blank 6bb2adf3f03304a_6   Wages Payable  fill in the blank 6bb2adf3f03304a_8 fill in the blank 6bb2adf3f03304a_9

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 34E
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Accrued Product Warranty

Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $195,000 for January. On February 7, a customer received warranty repairs requiring $290 of parts and $80 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. If an amount box does not require an entry, leave it blank.

  Product Warranty Expense  fill in the blank de49f2038077f99_2 fill in the blank de49f2038077f99_3
  Product Warranty Payable  fill in the blank de49f2038077f99_5 fill in the blank de49f2038077f99_6
 
Feedback

b.  Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank.

  Product Warranty Payable  fill in the blank 6bb2adf3f03304a_2 fill in the blank 6bb2adf3f03304a_3
  Supplies  fill in the blank 6bb2adf3f03304a_5 fill in the blank 6bb2adf3f03304a_6
  Wages Payable  fill in the blank 6bb2adf3f03304a_8 fill in the blank 6bb2adf3f03304a_9
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