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9810 Duting August. Boxer Company sells $356,000...

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Accounting

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9810 Duting August. Boxer Company sells $356,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 5% of the selling price. The warranty liability account has a credit balance of $12,800 before adjustment Customers returned merchandise for warranty repairs during the month that used $9.400 in parts for repairs. The entry to record the estimated warranty expense for the month is Multiple Choice Debit Warranty Expense $5.000. credin Estimated Warranty Liability 55.000 De Wartorty Expense $17800, credit Estimated Warrantybility 517800 Debe Warranty Expense $4.400 credit Estimated Warranty Libry 514 400 Debe Estimated Warranty Liability 59:400, credit Wranty Expense 59.400 Debt Estate Warranty Laby S7800, credit Warranty Expense $12800 Next > Hels A liability is incurred when income is earned because income tax expense is created by earning income. True or False True False O search

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