Tec Inc. produces and sells computers, providing customers with a one-year warranty on all its products. It is estimated that the company incurs approximately $100 of warranty expense on each computer sold. During 2023, the company sold 600 computers. All warranty transactions are recorded on December 31. What is the journal entry to record the estimated warranty liability? Select one: a. Debit Warranty Expense $60,000; credit Estimated Warranty Liability $60,000 b. Debit Warranty Expense $100; credit Unearned Warranty Revenue $100 c. Debit Warranty Expense $60,000; credit Warranty Revenue $60,000 d. Debit Warranty Expense $60,000; credit Unearned Warranty Revenue $60,000

Tec Inc. produces and sells computers, providing customers with a one-year warranty on all its products. It is estimated that the company incurs approximately $100 of warranty expense on each computer sold. During 2023, the company sold 600 computers. All warranty transactions are recorded on December 31. What is the journal entry to record the estimated warranty liability? Select one: a. Debit Warranty Expense $60,000; credit Estimated Warranty Liability $60,000 b. Debit Warranty Expense $100; credit Unearned Warranty Revenue $100 c. Debit Warranty Expense $60,000; credit Warranty Revenue $60,000 d. Debit Warranty Expense $60,000; credit Unearned Warranty Revenue $60,000

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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Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
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