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Oriole, Inc., sells its products with a two-year warranty. The estimated product warranty is 2% of sales. Assume that Or
Posted: Mon May 30, 2022 6:21 am
by answerhappygod
- Oriole Inc Sells Its Products With A Two Year Warranty The Estimated Product Warranty Is 2 Of Sales Assume That Or 1 (33.58 KiB) Viewed 15 times
Oriole, Inc., sells its products with a two-year warranty. The estimated product warranty is 2% of sales. Assume that Oriole had sales of $322,000 during May this year. On June 8, a customer received warranty repairs requiring $86 of parts and $90 of labor. Required: 1. Record the adjusting entry to accrue warranty expense on May 31. 2. Record the journal entry for the warranty work provided in June. Account Title Debit Credit