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Journalize the entry to record the November cash payment

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Reference no: EM132795039

Problem - Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4.5% of the sales price. On November 11, a customer was given $220 cash under terms of the warranty.

Required -

1. Journalize the entry to record the estimated warranty expense on July 31 for July sales.

2. Journalize the entry to record the November 11 cash payment.

Reference no: EM132795039

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