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Hitzu Co. sold a copler (that costs $4,800) for $6,000 cash with a two-year parts...

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Accounting

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Hitzu Co. sold a copler (that costs $4,800) for $6,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copler requires on-site repairs that are completed the same day. The repairs cost $209 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copler Exercise 9-13 (Static) Financial statement impact of warranty transactions LO P4 Analyze each transaction's effect on the accounting equation-specifically, identify the accounts and amounts (including or -) for each (Enter all amounts as positive value.) Liabilities Dato Aug. 16 Cash Aug 16 Merchandise inventory Dec 31 Jan 5 Assets 1) increase (-) decrease 6,000 4.800 ol . 2401 Estimated warranty obily Estimated warranty liability (+) increase f) decrease

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