What is the entry when the prepayment is received

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Reference no: EM131893121

Problem

JVS had car sales for 2 mill. estimated warranty costs are 3% of sales. at the end of the year warranty work totaled $25000. what is the warranty expense of the year? what is the warranty liability at the end of the year?

GoSnow lnc providers snow removal serivices for Novermber Though March. Customers prepay $315 for this serivice for all 5 months. Go snow has 116 customers. Gosnow recognizes revenue evenly throughout the months.

What is the entry when the prepayment is received?

What is the journal entry on December 31?

Reference no: EM131893121

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