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The accounting recor Estimated W In the past, Claytown $7,000to satisfy warra Requirements 1. Journalize Claytow 2. What balance of Es

The accounting recor Estimated W In the past, Claytown $7,000to satisfy warra Requirements 1. Journalize Claytow 2. What balance of Es

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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The accounting records of Claytown Ceramics included the following at January 1, 2016: Estimated Warranty Payable 3,000 Beg. Bal. In the past, ClaytownWarranty expense has been 4% of sales. During 2016Claytownmade sales of $105,000and paid $7,000to satisfy warranty claims. Requirements 1. Journalize Claytown'sarranty expense and warranty payments during 2016Explanations are not required. 2. What balance of Estimated Warranty Pavable will Clavtownreport on its balance sheet at December 31. 2016? Date 2016 Accounts and Explanation Warranty Expense Debit Credit
Transcribed Image Text:The accounting records of Claytown Ceramics included the following at January 1, 2016: Estimated Warranty Payable 3,000 Beg. Bal. In the past, ClaytownWarranty expense has been 4% of sales. During 2016Claytownmade sales of $105,000and paid $7,000to satisfy warranty claims. Requirements 1. Journalize Claytown'sarranty expense and warranty payments during 2016Explanations are not required. 2. What balance of Estimated Warranty Pavable will Clavtownreport on its balance sheet at December 31. 2016? Date 2016 Accounts and Explanation Warranty Expense Debit Credit
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