Jade Company sells a product that includes a one-year warranty on parts and labor. During...
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Jade Company sells a product that includes a one-year warranty on parts and labor. During the year, 10,000 units are sold. Jade expects that 3% of the units will be defective and that the average warranty cost will be $50 per unit. Actual warranty costs incurred during the year were $14,000. on REQUIRED: Prepare the journal entries to record related warranty costs and any accrual for the year. (2 Marks)
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