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Record journal entries on december for additional warranty

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Reference no: EM132873129

Question 1: In the January 2020, ZEN, Inc. made their largest sale ever. The new client ABS, Inc. purchased 3000 widgets from ZEN. As a part of contract ZEN offered new client an additional warranty covering 3 years. ABS purchased the warranty for all its new widgets for $100 per widget. Based on past experience, ZEN, Inc. estimated that it will spend a total of $100,000 honoring the warranty of these units. By the end of 2020 the company has spent $20,000. Sale of widgets was recorded but accounting department needs to record journal entries on December 31, 2020 for additional warranty.

Reference no: EM132873129

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