McCleary 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 $7,000. McCleary estimates that warranty expense is 6% of sales. (Record only the warranty expense.) Date Nov. 1 Accounts Cash Employee Bonus Expense Employee Bonus Payable Estimated Warranty Payable Sales Revenue Vacation Benefits Expense Vacation Benefits Payable Warranty Expense Debit Credit More info Nov. 1 Nov. 20 Dec. 31 Dec. 31 Made sales of $7,000. McCleary estimates that warranty expense is 6% of sales. (Record only the warranty expense.) Paid $200 to satisfy warranty claims. Estimated vacation benefits expense to be $3,500. McCleary expected to pay its employees a 5% bonus on net income after deducting the bonus. Net income for the year is $30,000. Print Done
McCleary 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 $7,000. McCleary estimates that warranty expense is 6% of sales. (Record only the warranty expense.) Date Nov. 1 Accounts Cash Employee Bonus Expense Employee Bonus Payable Estimated Warranty Payable Sales Revenue Vacation Benefits Expense Vacation Benefits Payable Warranty Expense Debit Credit More info Nov. 1 Nov. 20 Dec. 31 Dec. 31 Made sales of $7,000. McCleary estimates that warranty expense is 6% of sales. (Record only the warranty expense.) Paid $200 to satisfy warranty claims. Estimated vacation benefits expense to be $3,500. McCleary expected to pay its employees a 5% bonus on net income after deducting the bonus. Net income for the year is $30,000. Print Done
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:McCleary 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 $7,000. McCleary estimates that warranty expense is 6% of sales. (Record only the warranty expense.)
Date
Nov. 1
Accounts
Cash
Employee Bonus Expense
Employee Bonus Payable
Estimated Warranty Payable
Sales Revenue
Vacation Benefits Expense
Vacation Benefits Payable
Warranty Expense
Debit
Credit
More info
Nov. 1
Nov. 20
Dec. 31
Dec. 31
Made sales of $7,000. McCleary estimates that warranty expense is
6% of sales. (Record only the warranty expense.)
Paid $200 to satisfy warranty claims.
Estimated vacation benefits expense to be $3,500.
McCleary expected to pay its employees a 5% bonus on net income
after deducting the bonus. Net income for the year is $30,000.
Print
Done
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