Assume that during May, a company sold a product for $160,000 that includes a 36-month warranty. Historically, the average cost of repairs over the warranty period is 7% of the sales price. The entry to record the estimated product warranty expense would include a to for $11,200.

a. debit; Product Warranty Expense
b. credit; Cash
c. debit; Product Warranty Payable
d. credit; Product Warranty Expense

Question

Chloeroebuck2021idn Chloeroebuck2021idn

01-04-2022
Business

Answered

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Assume that during May, a company sold a product for $160,000 that includes a 36-month warranty. Historically, the average cost of repairs over the warranty period is 7% of the sales price. The entry to record the estimated product warranty expense would include a to for $11,200.

a. debit; Product Warranty Expense
b. credit; Cash
c. debit; Product Warranty Payable
d. credit; Product Warranty Expense

Sagot :

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