Accrued Product Warranty A Wrinkle in Time Inc. warrants its products for one year....
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Accounting
Accrued Product Warranty
A Wrinkle in Time Inc. warrants its products for one year. The estimated product warranty is of sales. Assume that sales were $ for March. In April, a customer received warranty repairs requiring $ of parts.
a Determine the warranty liability at March the end of the first month of the current fiscal year. Round your answer to the nearest dollar. $
b What accounts are decreased for the warranty work provided in April?
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