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On November 10, 2021, Singh Electronics began to buy and resell scanners for $56 each. The scanners are covered under a
Posted: Mon May 30, 2022 8:47 am
by answerhappygod
- On November 10 2021 Singh Electronics Began To Buy And Resell Scanners For 56 Each The Scanners Are Covered Under A 1 (20.32 KiB) Viewed 19 times
On November 10, 2021, Singh Electronics began to buy and resell scanners for $56 each. The scanners are covered under a warranty that requires the
company to replace any non working scanner. When a scanner is returned, the
company will replace them at a cost of $36 Singh estimates that 20% of all scanners will require warranty work. On November 30, 2021. Singh Electronics sold 1,000 scanners for $56,000 On December 31, 2021, 60 scanners were replaced under warranty. Required: a) Record the journal entry for the estimated warranty liability on November 30, 2021. b) Record the journal entry for the scanners that were replaced on December 31, 2021, c) What is the balance in the warranty liability account as at December 31, 2021?