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Prepare journal entries to record estimated warranty expense

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Question - A company sells computers, with an included two-year warranty for $2,000 each. During the current year, the company sells 15,000 computers. On the basis of past experience, the warranty costs are estimated to be $300 per computer. The actual warranty costs (paid in cash) by the company during the current year were $3,500,000.

Required - Prepare general journal entries to record the (A) estimated warranty expense and (B) warranty repair costs during current year.

Reference no: EM132537588

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