Accrued Product Parker Manufacturing Co. warrants its products for one year. The estimated...
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Accrued Product Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $257,000 for January. In February, a customer received warranty repairs requiring $255 of parts and $75 of labor For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. Warranty Product WarrantyE Product Warranty Payable b. Journalize the entry to record the warranty work provided in February, Product Warranty Payable Supplies Wages Payable
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