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Prepare the necessary journal entry on February

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Reference no: EM132922102

Question - Jane Company extends a warranty on children's tablets. They estimate that 3% of tablets will need to be replaced. The sales price of one tablet is $100 and the cost is $50. Total tablet sales were 10,000 tablets for $1,000,000 in 2020. On February 14, 2021, Jane company replaced 30 tablets under warranty.

1. Prepare the necessary adjusting entry on December 31, 2020?

2. Prepare the necessary journal entry on February 14, 2021?

Reference no: EM132922102

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