Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Nov. 1: Made sales of $22,000. McFarlane estimates that warranty expense is 3% of sales. (Record only the warranty expense.) Date Accounts Debit Credit Nov. 1 More info Nov. 1 Nov. 20 Dec. 31 Dec. 31 Made sales of $22,000. McFarlane estimates that warranty expense is 3% of sales. (Record only the warranty expense.) Paid $200 to satisfy warranty claims. Estimated vacation benefits expense to be $3,500. McFarlane expected to pay its employees a 5% bonus on net income after deducting the bonus. Net income for the year is $48,000. Print Done X
Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Nov. 1: Made sales of $22,000. McFarlane estimates that warranty expense is 3% of sales. (Record only the warranty expense.) Date Accounts Debit Credit Nov. 1 More info Nov. 1 Nov. 20 Dec. 31 Dec. 31 Made sales of $22,000. McFarlane estimates that warranty expense is 3% of sales. (Record only the warranty expense.) Paid $200 to satisfy warranty claims. Estimated vacation benefits expense to be $3,500. McFarlane expected to pay its employees a 5% bonus on net income after deducting the bonus. Net income for the year is $48,000. Print Done X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Kk.213.
Transcribed Image Text:McFarlane Industries completed the following transactions during 2024:
i (Click the icon to view the transactions.)
Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.)
Nov. 1: Made sales of $22,000. McFarlane estimates that warranty expense is 3% of sales. (Record only the warranty expense.)
Date
Accounts
Debit
Credit
Nov. 1
More info
Nov. 1
Nov. 20
Dec. 31
Dec. 31
Made sales of $22,000. McFarlane estimates that warranty expense
is 3% of sales. (Record only the warranty expense.)
Paid $200 to satisfy warranty claims.
Estimated vacation benefits expense to be $3,500.
McFarlane expected to pay its employees a 5% bonus on net income
after deducting the bonus. Net income for the year is $48,000.
Print
- X
Done
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