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Flint Corporation sells DVD players. The corporation also offers its customers a 4-year warranty contract....

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Accounting

Flint Corporation sells DVD players. The corporation also offers its customers a 4-year warranty contract. During 2020, Flint sold 20,000 warranty contracts at $84 each. The corporation spent $170,000 servicing warranties during 2020, and it estimates that an additional $850,000 will be spent in the future to service the warranties.
Prepare Flint's journal entry for the sale of contracts. Assume the service costs are inventory costs. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
Prepare Flint's journal entry for the cost of servicing the warranties. Assume the service costs are inventory costs. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
image

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