Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $441,000 for January. On February 7, a customer received warranty repairs requiring $245 of parts and $80 of labor. Question Content Area 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. blank Account Debit Credit blank                 Feedback Area   Feedback   Question Content Area b.  Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank

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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Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $441,000 for January. On February 7, a customer received warranty repairs requiring $245 of parts and $80 of labor.

Question Content Area

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.

blank Account Debit Credit
blank
 
   
 
 
   
 

Feedback Area

 
Feedback
 

Question Content Area

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

blank Account Debit Credit
blank
 
   
 
 
   
 
 
   
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