Business, 17.12.2019 06:31, lildeb8593

Streep factory provides a 2-year warranty with one of its products which was first sold in 2020. streep sold $1,000,000 of products subject to the warranty. streep expects $125,000 of warranty costs over the next 2 years. in that year, streep spent $70,000 servicing warranty claims. prepare streep’s journal entry to record the sales (ignore cost of goods sold) and the december 31 adjusting entry, assum- ing the expenditures are inventory costs.

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Streep factory provides a 2-year warranty with one of its products which was first sold in 2020. str...