Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost to repair defectsunder the warranty is estimated at 7.5% of the sales price. On November 10, a customer was given $93 cash under terms ofthe warranty.(a) Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not requirean entry, leave it blank.(b) Provide the journal entry for the November 10 cash payment. If an amount box does not require an entry, leave it blank.

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 7.5% of the sales price. On November 10, a customer was given $93 cash under terms of zhe warranty. (a) Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the November 10 cash payment. If an amount box does not require an entry, leave it blank.

Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost to repair defects under the warranty is estimated at 7.5% of the sales price. On November 10, a customer was given $93 cash under terms of zhe warranty. (a) Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the November 10 cash payment. If an amount box does not require an entry, leave it blank.

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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