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On September 1, Home Store sells a mower (that costs $120) for $420 cash with a one-year warranty that covers parts. Warranty expense is estimated at 6% of sales and is recorded at the time of the sale. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $29 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet < 1 2 3 4

On September 1, Home Store sells a mower (that costs $120) for $420 cash with a one-year warranty that covers parts. Warranty expense is estimated at 6% of sales and is recorded at the time of the sale. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $29 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet < 1 2 3 4

FINANCIAL ACCOUNTING
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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Vaibhav 

On September 1, Home Store sells a mower (that costs $120) for $420 cash with a one-year warranty that covers parts. Warranty expense is estimated at 6% of sales and is recorded at the time of the sale. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $29 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet 1 2 Record the mower sales. Date September 01 3 Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal >
Transcribed Image Text:On September 1, Home Store sells a mower (that costs $120) for $420 cash with a one-year warranty that covers parts. Warranty expense is estimated at 6% of sales and is recorded at the time of the sale. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $29 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet 1 2 Record the mower sales. Date September 01 3 Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal >
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