Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / The accounting records of Atkinson Books showed a balance of 512
The accounting records of Atkinson Books showed a balance of 512.000 in Estimated warranty payable at December 31. 2017. In the past. Atkinson Books' warranty expense has been 3 percent of sales. During 2018. Atkinson Books made sales of $418.000 on account and paid $11.000 to satisfy warranty claims.
Requirements:
1) Journalize Atkinson Books' sales. warranty expense. and cash payments made to satisfy warranty claims during 2018. Explanations are not required. Ignore cost of goods sold. (Record debits first, then credits. Exclude explanations from any journal entries.)
2) What balance of Estimated warranty payable ill Atkinson Books report on its balance sheet at December 31. 2018? What amount of warranty expense will Atkinson Books report on its income statement for the year ended December 31.2018? Use the T-account to determine the ending balance for the Estimated warranty payable account that Atkinson Books will report on its balance sheet at December 31. 2018. Select the appropriate description as a posting reference for each amount you enter into the T-account.
What amount of warranty expense will Atkinson Books report on its income statement for the year ended December 31, 2018?
