Prepare the journal entry to record this transaction on January 2, 2025, and on December 31, 2025 (assuming financial statements are prepared on December 31, 2025). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record Journal entries in the order presented in the problem) Show Transcribed Text Date (b) Account Titles and Explanation Show Transcribed Text 2 2 C Debit 00000 Credit Repeat the requirements for (a), assuming that in addition to the assurance warranty, Ivanhoe sold Kingbird an extended warranty (service-type warranty) for an additional 2 years (2027-2028) for $820. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Prepare the journal entry to record this transaction on January 2, 2025, and on December 31, 2025 (assuming financial statements are prepared on December 31, 2025). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record Journal entries in the order presented in the problem) Show Transcribed Text Date (b) Account Titles and Explanation Show Transcribed Text 2 2 C Debit 00000 Credit Repeat the requirements for (a), assuming that in addition to the assurance warranty, Ivanhoe sold Kingbird an extended warranty (service-type warranty) for an additional 2 years (2027-2028) for $820. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

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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