1 . Mark Sports Inc. sold 500 pairs of skates at $50 each in 2018. The management estimates that 4% of the skates sold w
Posted: Wed Jul 06, 2022 6:09 am
1 . Mark Sports Inc. sold 500 pairs of skates at $50 each in2018. The management estimates that 4% of the skates sold will needrepair within a year. The repair cost for each pair is $10. Whichis the correct journal entry for estimating warranty liability?
A) Debit Warranty Expense, $200; Credit Warranty Payable,$200.
B) Debit Warranty Payable, $200; Credit Cash, $200
C) Debit Warranty Payable, $1,000; Credit Warranty Expense,$1,000.
D) Debit Warranty Expense, $200; Credit Sales Revenue, $200.
Which of the following bonds will be issued at a discount? Bond A Bond B Stated interest rate Market interest rate A) Bonds B and D 9% 8% B) Bond A 9% 10% Bond C 10% 8% C) Bond F Bond D 6% 8% Bond F 7% 7% D) Bond C
A) Debit Warranty Expense, $200; Credit Warranty Payable,$200.
B) Debit Warranty Payable, $200; Credit Cash, $200
C) Debit Warranty Payable, $1,000; Credit Warranty Expense,$1,000.
D) Debit Warranty Expense, $200; Credit Sales Revenue, $200.
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