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Clean all Inc. sells washing machine with a three yearwarranty. In the pastClean all has found that in the year aftersale, warranty cost have been 3% of sales: in the second yearaftersale 5%of sales and in the third year after sale 7%of sales .the following data are also available.Year Sales Warranty Expenditures
2007 500,000 62,0002008 650,000 82,0002009 700,000 85,000
Required
1. Prepare the journal entries for the preceding transactionsfor 2007-2009, using the expense warranty accrual method. closingentries are not required.
2. What amount would clean-All report as a liability on itsDecember 31, 2009 balance sheet, assuming the liability had abalance of 88,200 on December 31,2006?
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