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Question Content Area Estimated Warranty Liability Yummy Co. sold $199,000 of consumer electronics during July under a six-month warranty. The cost to repair defects under the warranty is estimated at 7% of the sales price. On November 11, a customer was given $419 cash under terms of the warranty. Question Content Area Required: a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 - Select - - Select - - Select - - Select - Question Content Area b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Nov. 11 - Select - - Select - - Select - - Select -

Question Content Area Estimated Warranty Liability Yummy Co. sold $199,000 of consumer electronics during July under a six-month warranty. The cost to repair defects under the warranty is estimated at 7% of the sales price. On November 11, a customer was given $419 cash under terms of the warranty. Question Content Area Required: a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 - Select - - Select - - Select - - Select - Question Content Area b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Nov. 11 - Select - - Select - - Select - - Select -

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 7PB: Shoe Hut sells custom, handmade shoes. It offers a one-year warranty on all shoes for repair or...
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Question Content Area Estimated Warranty Liability Yummy Co. sold $199,000 of consumer electronics during July under a six-month warranty. The cost to repair defects under the warranty is estimated at 7% of the sales price. On November 11, a customer was given $419 cash under terms of the warranty. Question Content Area Required: a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 - Select - - Select - - Select - - Select - Question Content Area b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Nov. 11 - Select - - Select - - Select - - Select -
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