My first question is...are my general journal entries correct? Second question is...What number would be the warrant revenue for year 1? Please see attachments, Thank you! * Cengage Learni X: Cengage Learni xO Mail - Hitching X@ Plan & Schedul XA Months* My Home* CengageNOWv x* MindTap - Cen xG Landcaster Inc. X+A v2.cengagenow.comChapter 9 Objectives 4-6 Practice (NotеBookCalculatorWarranty CostsInstructionsChart of AccountsGeneral JournalInstructions(X)General JournalShaded cells have feedback.Landcaster Inc. sells its products with a 2-year service-Prepare the necessary journal entries to record:type warranty. On January 1, Year 1, Landcaster sells60 machines for $2,500 each, on account. Landcaster1. The sale of 60 machines on account on January 1determines that the machines normally sell for $2,2752. The warranty costs paid during the yeareach and the service-type warranty could be3. The warranty revenue earned in Year 1purchased for $225 per machine. In Year 1, Landcasterpays $5,000 for warranty costs.General Journal InstructionsRequired:Prepare Landcaster's journal entries relatedto the sales and warranty in Year 1.How does grading work?PAGE 1Check My WorkPreviousNextPractice Assignment Score: 34.44%All work saved.Email InstructorSave and ExitSubmit Assignment3:01 PMO Type here to searchO 1)) ENG10/30/20205>... * Cengage Learni X: Cengage Learni xO Mail - Hitching X@ Plan & Schedul XA Months* My Home* CengageNOWv x* MindTap - Cen xG Landcaster Inc. X+A v2.cengagenow.comChapter 9 Objectives 4-6 Practice (NotеBookCalculatorWarranty CostsInstructionsChart of AccountsGeneral JournalInstructions(X)General JournalShaded cells have feedback.PAGE 1Landcaster Inc. sells its products with a 2-year service-GENERAL JOURNALScore: 84/88type warranty. On January 1, Year 1, Landcaster sellsDATEACCOUNT TITLEPOST. REF.DEBITCREDIT60 machines for $2,500 each, on account. LandcasterJan. 1Accounts Receivable150,000.00determines that the machines normally sell for $2,275each and the service-type warranty could be2Sales Revenue136,500.00purchased for $225 per machine. In Year 1, LandcasterUnearned Warranty Revenue13,500.003pays $5,000 for warranty costs.Dec. 31 Warranty Expense5,000.0045Cash5,000.00Required:Prepare Landcaster's journal entries related6Dec. 31Unearned Warranty Revenue1,750.00to the sales and warranty in Year 1.Warranty Revenue8,500.00Check My WorkPreviousNextPractice Assignment Score: 34.44%All work saved.Email InstructorSave and ExitSubmit Assignment3:01 PMO Type here to searchO 1)) ENG10/30/20205>...

Unearned Warranty revenue is recognized on the straight line basis over the warranty period.

Instructions General Journal Shaded cells have feedback. PAGE 1 Landcaster Inc. sells its products with a 2-year service- GENERAL JOURNAL Score: 84/88 type warranty. On January 1, Year 1, Landcaster sells DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 60 machines for $2,500 each, on account. Landcaster Jan. 1 Accounts Receivable 150,000.00 determines that the machines normally sell for $2,275 each and the service-type warranty could be 2 Sales Revenue 136,500.00 purchased for $225 per machine. In Year 1, Landcaster Unearned Warranty Revenue 13,500.00 pays $5,000 for warranty costs. Dec. 31 Warranty Expense 5,000.00 Cash 5,000.00 Required: Prepare Landcaster's jourmal entries related Dec. 31 Unearned Warranty Revenue 1,750.00 to the sales and warranty in Year 1. Warranty Revenue 8,500.00

Instructions General Journal Shaded cells have feedback. PAGE 1 Landcaster Inc. sells its products with a 2-year service- GENERAL JOURNAL Score: 84/88 type warranty. On January 1, Year 1, Landcaster sells DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 60 machines for $2,500 each, on account. Landcaster Jan. 1 Accounts Receivable 150,000.00 determines that the machines normally sell for $2,275 each and the service-type warranty could be 2 Sales Revenue 136,500.00 purchased for $225 per machine. In Year 1, Landcaster Unearned Warranty Revenue 13,500.00 pays $5,000 for warranty costs. Dec. 31 Warranty Expense 5,000.00 Cash 5,000.00 Required: Prepare Landcaster's jourmal entries related Dec. 31 Unearned Warranty Revenue 1,750.00 to the sales and warranty in Year 1. Warranty Revenue 8,500.00

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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