Please help me with all answers thanku Lily Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Lilyestimates that 4% of the units sold will become defective during the warranty period. Management estimates that the average cost ofreplacing or repairing a defective unit is $20. The units sold and units defective that occurred during the last 2 months of 2022 are asfollows.MonthNovemberDecemberUnits Sold Units Defective Prior to December 3132,80034,800656435 (a)Prepare the journal entry to record the costs incurred in honoring 1,091 warranty claims. (Assume actual costs of $21,820.)(Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and Explanation(b)Account Titles and ExplanationPrepare the journal entry to record the warranty liability at December 31 for the units sold in November and December. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually.)(c).DebitAccount Titles and ExplanationDebitCreditGive the entry to record the honoring of 500 warranty contracts in January at an average cost of $20. (Credit account titles areautomatically indented when amount is entered. Do not indent manually.)DebitCreditCredit

Journal entries refer to the recording of accounts in the debit and credit format which can be used…

Lily Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Lily estimates that 4% of the units sold will become defective during the warranty period. Management estimates that the average cost replacing or repairing a defective unit is $20. The units sold and units defective that occurred during the last 2 months of 2022 are follows. Month November December Units Sold 32,800 34,800 Units Defective Prior to December 31 656 435

Lily Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Lily estimates that 4% of the units sold will become defective during the warranty period. Management estimates that the average cost replacing or repairing a defective unit is $20. The units sold and units defective that occurred during the last 2 months of 2022 are follows. Month November December Units Sold 32,800 34,800 Units Defective Prior to December 31 656 435

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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