InstructionsGeneral JournalBalance SheetOn September 1, 2019, Carolina Electronics Company has 1,150 Blu-ray players ready for sale.On October 1, 2019, 820 are sold, for cash, at $120 each with a 1-year assurance-type warranty.1. Prepare the necessary journal entries to record:2. Show how the items would be reported on the December 31, 2019, balance sheet under U.S. GAAP.Carolina estimates that the warranty cost on each Blu-ray player sold will probably average $7 per1. The sale of Blu-ray players on October 1, 2019unit. During the final 3 months of 2019, Carolina incurred warranty costs of $3,450, and in 2020Balance Sheet Instruction2. The related warranty accrual on October 1, 2019warranty costs were $2,290.3. The warranty costs paid during the last quarter of 2019Required:4. The warranty costs paid during the 2020CAROLINA ELECTRONICS COMPANY1. Prepare the journal entries for the preceding transactions.Partial Balance Sheet2. Show how the preceding items would be reported on the December 31, 2019,December 31, 2019balance sheet.General Journal Instructions1 Current Liabilities:3. Prepare the journal entries for the preceding transactions using the modified cashbasis method.2PAGE 1GENERAL JOURNALDATEACCOUNT TITLEPOST. REF.DEBITCREDIT23456783. Prepare the necessary journal entries to record the above transactions using the modified cash basis method.General Journal InstructionsPAGE 1GENERAL JOURNALDATEACCOUNT TITLEPOST. REF.DEBITCREDIT123456

Journal entry is a primary entry that records the financial transactions initially. 1. 2. 3.

On September 1, 2019, Carolina Electronics Company has 1,150 Blu-ray players ready for sale. On October 1, 2019, 820 are sold, for cash, at $120 each with a 1-year assurance-type warranty Carolina estimates that the warranty cost on each Blu-ray player sold will probably average $7p unit. During the final 3 months of 2019, Carolina incurred warranty costs of $3,450, and in 2020 warranty costs were $2,290. Required: 1. Propare the journal entries for the preceding transactions. 2. Show how the preceding items would be reported on the December 31, 2019. balance sheet. 3. Prepare the journal entries for the preceding transactions using the modified cash

On September 1, 2019, Carolina Electronics Company has 1,150 Blu-ray players ready for sale. On October 1, 2019, 820 are sold, for cash, at $120 each with a 1-year assurance-type warranty Carolina estimates that the warranty cost on each Blu-ray player sold will probably average $7p unit. During the final 3 months of 2019, Carolina incurred warranty costs of $3,450, and in 2020 warranty costs were $2,290. Required: 1. Propare the journal entries for the preceding transactions. 2. Show how the preceding items would be reported on the December 31, 2019. balance sheet. 3. Prepare the journal entries for the preceding transactions using the modified cash

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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Question

Instructions
General Journal
Balance Sheet
On September 1, 2019, Carolina Electronics Company has 1,150 Blu-ray players ready for sale.
On October 1, 2019, 820 are sold, for cash, at $120 each with a 1-year assurance-type warranty.
1. Prepare the necessary journal entries to record:
2. Show how the items would be reported on the December 31, 2019, balance sheet under U.S. GAAP.
Carolina estimates that the warranty cost on each Blu-ray player sold will probably average $7 per
1. The sale of Blu-ray players on October 1, 2019
unit. During the final 3 months of 2019, Carolina incurred warranty costs of $3,450, and in 2020
Balance Sheet Instruction
2. The related warranty accrual on October 1, 2019
warranty costs were $2,290.
3. The warranty costs paid during the last quarter of 2019
Required:
4. The warranty costs paid during the 2020
CAROLINA ELECTRONICS COMPANY
1. Prepare the journal entries for the preceding transactions.
Partial Balance Sheet
2. Show how the preceding items would be reported on the December 31, 2019,
December 31, 2019
balance sheet.
General Journal Instructions
1 Current Liabilities:
3. Prepare the journal entries for the preceding transactions using the modified cash
basis method.
2
PAGE 1
GENERAL JOURNAL
DATE
ACCOUNT TITLE
POST. REF.
DEBIT
CREDIT
2
3
4
5
6
7
8
3. Prepare the necessary journal entries to record the above transactions using the modified cash basis method.
General Journal Instructions
PAGE 1
GENERAL JOURNAL
DATE
ACCOUNT TITLE
POST. REF.
DEBIT
CREDIT
1
2
3
4
5
6

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