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Record any necessary journal entries

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Question - Teal Company sells televisions at an average price of $856 and also offers to each customer separate 3-year warranty contact for $93 that requires the company to perform periodic services and to replace defective parts. During 2017, the company sold 306 televisions and 256 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $31 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2017, and straight-line recognition of warranty revenues occurs.

Record any necessary journal entries in 2017.

Reference no: EM131690948

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