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Cloudy introduces a new compact music player that carries a two-year warranty against manufacturer's defects....

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Accounting

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Cloudy introduces a new compact music player that carries a two-year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warranty costs are expected to be approximately 3% of sales. By the end of the first year of selling the product, total sales are $30.7 million, and actual warranty expenditures are $270,000. Record the adjusting entry for the remaining expected future warranty costs as of December 31, the end of the reporting period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.) Journal entry worksheet Record the adjusting entry for the remaining expected future warranty costs as of December 31, the end of the reporting period. Note: Enter debits before credits

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