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Record all journal entries related to extended warranties

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Question - Maxwell Inc. offers an extended warranty for its products that cover 2 to 3 years after the sale. In 2020, total extended warranty sales amounted to $670,000 paid for in cash. The actual costs related to extended warranties in 2020 were $360,000. The unearned warranty revenues had a beginning balance of $120,000. Maxwell estimates that 54% of the total unearned warranty will be earned by the end of 2020. Record all the journal entries related to the extended warranties in 2020.

Reference no: EM133129185

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