Wildhorse Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective...
Wildhorse Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2020, the corporation sells for cash 364 computers at a unit price of $2,380. On the basis of past experience, the 2-year warranty costs are estimated to be $160 for parts and $200 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2020.) The warranty is not sold separately from the computer.
Record any necessary journal entries in 2020:
|
dr. Cash |
866320 | |
| dr. Warranty Expense | 131040 | |
| cr. Sales Revenue | 866320 | |
| cr. Warranty Liability | 131040 |
In 2021, the actual warranty costs to Wildhorse Corporation were
$20,400 for parts and $41,800 for labor.
Record any necessary journal entry in 2021
| dr. Warranty Liability | xxx | |
| cr. ??? | xxx | |
| cr. Inventory | xxx |
Homework Answers
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Marin Inc. sells portable computer equipment with a two-year
warranty contract that requires the corporation to replace
defective parts and provide the necessary repair labour. During
2020, the corporation sells for cash 380 computers at a unit price
of $2,550. Ignore any cost of goods sold. Based on experience, the
two-year warranty costs are estimated to be $166 for parts and $189
for labour per unit. (For simplicity, assume that all sales
occurred on December 31, 2020.) The warranty is...
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