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(b) What are the accounts for the cost of servicing the warranties contracts?Formula: Multiply, Divide;...

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Accounting

(b) What are the accounts for the cost of servicing the warranties contracts?Formula: Multiply, Divide; Cell Referencing
BE13.14- Using Excel to Record Warranty Transactions
PROBLEM
Leppard Corporation sells DVD players. The corporation also offers its
customers a warranty contract. The following information pertains to
warranty activity during 2020.
Warranty contract term
Number of warranty contracts sold
Selling price of each warranty contract
Warranty servicing costs
$ 180,000
Assume the service costs are inventory costs.
Student Work Area
Required: Provide input into cells shaded in yellow in this template. Use cell
references to the Problem area, with mathematical formulas to calculate any
amounts not given.
Prepare Leppard's journal entries for the following:
(a) The sale of contracts
(b) The cost of servicing the warranties contracts
(c) The recognition of warranty revenue
(a)
(b)
(c)
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