To record: Journal entries of transactions and adjustments for 2016 and 2017.

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Answer 1

Question

Chapter 9, Problem 4PSB

1.

To determine

To record: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

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On December 31, 2018, Blackpink Company, a financing institution lent ₱15,000,000 to YG Corp. due 3 years after. The loan is supported by an 12% note receivable. Based on the company’s initial estimates the present value of the 12 months expected credit loss (ECL) discounted at 10% is at 2,000,000. The probability of default (PD) is at 7%. Blackpink Company was able to collect interest as it became due at the end of 2019. There was no evidence of significant increase in credit risk by the end 2019 and that the receivable is determined to have “low credit risk”. There were no changes in its initial estimate of the 12 months expected credit loss either. By the end of 2020, Blackpink Company was able to collect interest as it became due. Based on available forward-looking information (determinable without undue cost or effort), however, there is evidence that there was a significant increase in credit risk by the end of 2020. Blackpink Company therefore had to change its basis…

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Answer 2

Question

Chapter 9, Problem 4PSB

1.

To determine

To record: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

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Answer 3

Question

Chapter 9, Problem 4PSB

1.

To determine

To record: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 4PSB

1.

To determine

To record: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 4PSB

1.

To determine

To record: Journal entries of transactions and adjustments for 2016 and 2017.

2.

To determine

Warranty expense for November 2016 and December 2016.

3.

To determine

Warranty expense for January 2017.

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Answer 6

Chapter 9, Problem 4PSB

1.

To determine

To record: Journal entries of transactions and adjustments for 2016 and 2017.

Answer 7

Chapter 9, Problem 4PSB

1.

To determine

To record: Journal entries of transactions and adjustments for 2016 and 2017.

Answer 8

2.

To determine

Warranty expense for November 2016 and December 2016.

Answer 9

2.

To determine

Warranty expense for November 2016 and December 2016.

Answer 10

3.

To determine

Warranty expense for January 2017.

Answer 11

3.

To determine

Warranty expense for January 2017.

Answer 12

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

Answer 13

4.

To determine

Balance of estimated warranty liability account as on December 31, 2016.

Answer 14

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Answer 15

5.

To determine

Balance of estimated warranty liability account as on January 31, 2017.

Answer 16

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Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 9 - Prob. 1MCQ Ch. 9 - 2. An employee earned $50,000 during the year. ...Ch. 9 - Prob. 3MCQ Ch. 9 - Prob. 4MCQ Ch. 9 - Prob. 5MCQ Ch. 9 - Prob. 1DQ Ch. 9 - Prob. 2DQ Ch. 9 - 3. What are the three important questions...Ch. 9 - Prob. 4DQ Ch. 9 - 5. What is the combined amount (in percent) of the...

To record: Journal entries of transactions and adjustments for 2016 and 2017.

To record: Journal entries of transactions and adjustments for 2016 and 2017.

Warranty expense for November 2016 and December 2016.

Warranty expense for January 2017.

Balance of estimated warranty liability account as on December 31, 2016.

Balance of estimated warranty liability account as on January 31, 2017.

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Chapter 9 Solutions