E11-21 Accounting for warranty expense and warranty payable Learning Objective 3 The accounting records of...
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Accounting
E11-21 Accounting for warranty expense and warranty payable Learning Objective 3 The accounting records of Sculpted Ceramics included the following at January 1 2018: 1. Warranty Expense $10,170 Estimated Warranty Payable 5,000 Beg. Bal. In the past, Sculpted's warranty expense has been 9% of sales. During 2018, Sculpted made sales of $113,000 and paid $7,000 to satisfy warranty claims Requirements 1. Journalize Sculpted's warranty expense and warranty payments during 2018 Explanations are not required 2. What balance of Estimated Warranty Payable will Sculpted report on its balance heet at December 31, 2018
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