Business, 03.07.2020 03:01, franksjamia
On September 1, Home Store sells a mower (that costs $240) for $540 cash with a one-year warranty that covers parts. Warranty expense is estimated at 6% of sales and is recorded at the time of the sale. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $38 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs.
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On September 1, Home Store sells a mower (that costs $240) for $540 cash with a one-year warranty th...
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