The accounting records of Water's Appliances included the following balances at the end of the...
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Accounting
The accounting records of Water's Appliances included the following balances at the end of the perioo Accrued Warranty Payable Sales Revenue Warranty Expense Beg bal 2,500 114,0130 In the past, Water's warranty expense has been 8% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the requirements. Requirement 1. Journalize Water's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required Start by journalizing the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Now journalize the warranty payments. Journal Entry Date Accounts Debit Credit
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