question 2 : what amount of warranty liability would appear on the balance sheet as...
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question 2 : what amount of warranty liability would appear on the balance sheet as of August 2016?
32 (9 pts) Mackay Company provides a warranty on its products that it sells consumers At the end of August 2016, Mackay had sales in the amount of $725,000 and estimated that $14,500 worth of warranty repairs would be required. During the month Mackay actually paid out $13,250 for warranty repairs. Based on this information a) Prepare the journal entry to record the warranty liability and warranty expense on August 31, 2016
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