Materials taken from the repair parts inventory

Assignment Help Accounting Basics
Reference no: EM13901906

1.On September 11, 2012, Home Store sells a mower for $500 with a one  year warranty that covers parts. Warranty expense is estimated at 8% of sales. On July 24, 2013, the mower is brought in for repairs covered under the warranty requiring $35 in materials taken from the Repair Parts Inventory. Prepare the September 11, 2012, entry to record the mower sale, and the July 24, 2013, entry to record the warranty repairs.

Reference no: EM13901906

Questions Cloud

Is the effect of the medicine significant at the 5 percent : Is the effect of the medicine significant at the 5 percent level?
What was the warning signs that the company was in trouble : Did Bank of America know what problems Countrywide had before buying them? if so what was the warning signs that the company was in trouble.
What is the probability he make fewer than three sales : The oasis outpost of Abu Ilan, in the heart of the Neveg dessert, has population of 24 Bedouin tribesmen and 16 Farima tribesman. El Kamin, a nearby oasis, has a population of 8 Bedouin s and 36 Farima. What is the probability that he wandered into A..
Find the p-value of the test of the hypothesis : Find the p-value of the test of the hypothesis that mileage is not affected by the additive when the sign test is used;
Materials taken from the repair parts inventory : 1.On September 11, 2012, Home Store sells a mower for $500 with a one  year warranty that covers parts.
What is rationale for offering stock options as compensation : What is the rationale for offering stock options as compensation? Why has this form of compensation been particularly popular with technology firms in the past?
Operations can include all except : Operations can include all except; A company has been working a six-sigma program for several years, with a focus on improving yield on a key process. Prior to the program, the typical yields were averaging 70%. Presently, yields are consistently abo..
What is typically common about financial statement accounts : Provide several examples of financial statement accounts that are often loosely referred to as reserves. What is typically common about all financial statement accounts that are informally referred to as reserves?
Test hypothesis that median salary of financial accountants : Use these data to test the hypothesis that the median salary of financial accountants in 2007 was not greater than in 2004. What is the p-value?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate 1 uncollectible accounts expense and 2 the ending

the general ledger account for accounts receivable shows a debit balance of 40000. the allowance for uncollectible

  What would the companys manufacturing overhead be comprised

1. does the company use job order or process costing?2.what are the direct materials for the company? list3.what would

  Journalize transactions-prepare stockholders equity section

Received inventory valued at $16,000 and equipment with market value of $9,500 for $3,700 shares of the $2.00 par common stock. Journalize the transactions and Prepare the stockholders equity section

  Journal entries for intangible assets

The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no e..

  Prepare the investing activities statement of cash flows

income statement itemsgain on sale of marketablesecurities.........................42000loss on sales of

  How changes in various economic factors affect us account

Briefly explain how changes in various economic factors affect the U.S. current account balance.

  Provide an analysis and explanation of the role of the gao

provide an analysis and explanation of the role of the GAO.

  The general manager of qantas had two concerns the companys

the general manager of qantas had two concerns the companys worsening cash position 3000 cash and no bank loan at the

  This question has been posted before i cant get it and

this question has been posted before. i cant get it and neither could the last person nor several who tried it for that

  Bargain rental car offers rental cars in an off-airport

bargain rental car offers rental cars in an off-airport location near a major tourist destination in california.

  Straight-line amortization for patents

Harrel Company acquired a patent on an oil extraction technique on January 1, 2010 for $5,000,000. It was expected to have a ten-year life and no residual value. Harrel uses straight-line amortization for patents. On December 31, 2011, the future ..

  If 10000 is deposited in a saving account at the end of

if 10000 is deposited in a saving account at the end of each year and the account pays interest of 5 compounded

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd