Accounting for warranty expense and warranty payable. The accounting records of Sculpted Ceramics included the following at January 1,2018:
Estimated warrenty payable
5,000 Beg. bal
In the past, sculpted warranty expense has been 9% of sales. During 2018, sculpted made sales of $113000 and paid 7,000 to satisfy warranty claims.
Requirements
a. Journalize Sculpted’s warranty expense and warranty payments during 2018. Explanations are not required.
b. What balance of Estimated Warranty Payable will Sculpted report on its balance sheet at December 31, 2018?
Answers: 1
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Accounting for warranty expense and warranty payable. The accounting records of Sculpted Ceramics in...
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