The accounting records of Rustic Ceramics included the following at January 1, 2024: (Click the icon to view the data.) In the past, Rustic's warranty expense has been 8% of sales. During 2024, Rustic made sales of $149,000 and paid $8,000 to satisfy warranty claims. Read the requirements. Requirement 1. Journalize Rustic's warranty expense and warranty payments during 2024. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the warranty expense. Date Accounts Debit Credit Cash Journalize th Estimated Warranty Payable Date Debit Credit Sales Revenue Warranty Expense Data table Requirements Estimated Warranty Payable 1. Journalize Rustic's warranty expense and warranty payments during 2024. Explanations are not required. 2,500 Beg. Bal. 2. What balance of Estimated Warranty Payable will Rustic report on its balance sheet at December 31, 2024? Print Done Requirement 2. What balance of Estimated Warranty Payable will Rustic report on its balance sheet at December 31, 2024? Use the T-account to determine the ending balance for the Estimated Warranty Payable account. Use an "End. Bal." posting reference to show the ending balance of the account. The beginning balance (Beg. Bal.) has been entered for you. Estimated Warranty Payable 2,500 Beg. Bal. Print Done Next
The accounting records of Rustic Ceramics included the following at January 1, 2024: (Click the icon to view the data.) In the past, Rustic's warranty expense has been 8% of sales. During 2024, Rustic made sales of $149,000 and paid $8,000 to satisfy warranty claims. Read the requirements. Requirement 1. Journalize Rustic's warranty expense and warranty payments during 2024. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the warranty expense. Date Accounts Debit Credit Cash Journalize th Estimated Warranty Payable Date Debit Credit Sales Revenue Warranty Expense Data table Requirements Estimated Warranty Payable 1. Journalize Rustic's warranty expense and warranty payments during 2024. Explanations are not required. 2,500 Beg. Bal. 2. What balance of Estimated Warranty Payable will Rustic report on its balance sheet at December 31, 2024? Print Done Requirement 2. What balance of Estimated Warranty Payable will Rustic report on its balance sheet at December 31, 2024? Use the T-account to determine the ending balance for the Estimated Warranty Payable account. Use an "End. Bal." posting reference to show the ending balance of the account. The beginning balance (Beg. Bal.) has been entered for you. Estimated Warranty Payable 2,500 Beg. Bal. Print Done Next
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Plz help this is all the information
Transcribed Image Text:The accounting records of Rustic Ceramics included the following at January 1, 2024:
(Click the icon to view the data.)
In the past, Rustic's warranty expense has been 8% of sales. During 2024, Rustic made sales of $149,000 and paid $8,000 to satisfy warranty claims.
Read the requirements.
Requirement 1. Journalize Rustic's warranty expense and warranty payments during 2024. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.)
Journalize the warranty expense.
Date
Accounts
Debit
Credit
Cash
Journalize th
Estimated Warranty Payable
Date
Debit
Credit
Sales Revenue
Warranty Expense
Data table
Requirements
Estimated Warranty Payable
1. Journalize Rustic's warranty expense and warranty payments during 2024.
Explanations are not required.
2,500 Beg. Bal.
2. What balance of Estimated Warranty Payable will Rustic report on its balance
sheet at December 31, 2024?
Print
Done
Requirement 2. What balance of Estimated Warranty Payable will Rustic report on its balance sheet at December 31, 2024?
Use the T-account to determine the ending balance for the Estimated Warranty Payable account. Use an "End. Bal." posting reference to show the ending balance of the account. The beginning balance (Beg. Bal.) has been entered for you.
Estimated Warranty Payable
2,500 Beg. Bal.
Print
Done
Next
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