Logan Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $373,000 for January. In February, a customer received warranty repairs requiring $130 of parts and $90 of labor.Question Content Areaa. 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.blankCashProduct Warranty ExpenseProduct Warranty PayableSuppliesWages Payable- Select -- Select - CashProduct Warranty ExpenseProduct Warranty PayableSuppliesWages Payable- Select -- Select -Question Content Areab. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank.blankCashProduct Warranty ExpenseProduct Warranty PayableSuppliesWages Payable- Select -- Select - Accounts PayableAccounts ReceivableProduct Warranty ExpenseProduct Warranty PayableSupplies- Select -- Select - Accounts ReceivableCashProduct Warranty ExpenseProduct Warranty PayableWages Payable- Select -- Select -

Journal entries are the transactions which are reported in the books of the accounts to prepare a…

Answered: Logan Manufacturing Co. warrants its…

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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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	CashProduct Warranty ExpenseProduct Warranty PayableSuppliesWages Payable	- Select -	- Select -
	CashProduct Warranty ExpenseProduct Warranty PayableSuppliesWages Payable	- Select -	- Select -

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	CashProduct Warranty ExpenseProduct Warranty PayableSuppliesWages Payable	- Select -	- Select -
	Accounts PayableAccounts ReceivableProduct Warranty ExpenseProduct Warranty PayableSupplies	- Select -	- Select -
	Accounts ReceivableCashProduct Warranty ExpenseProduct Warranty PayableWages Payable	- Select -	- Select -

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