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Prepare the appropriate journal entries

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Question - On January 1, 2020, Sheridan Ltd. sold on account 1,400 units of its product for a total price of $561,000 with a warranty guarantee that the products were free of any defects. The products have a one-year assurance-type warranty and Sheridan estimates that the cost will be $27,000. The cost of the units is $461,000. In addition, the company sold extended warranties related to 300 units for a one-year period beyond the one-year assurance period at a cost of $15,300. By the company's year-end, December 31, 2020, no warranty costs were incurred. By the company's year-end, December 31, 2021, $8,645 of warranty costs were incurred and paid in cash. Prepare the appropriate journal entries for 2020 and 2021.

Reference no: EM132770000

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