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Estimation and Recognition of Warranty Expense Historically, warranty expenditures have been equal to 4% of...

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Accounting

Estimation and Recognition of Warranty Expense

Historically, warranty expenditures have been equal to 4% of sales. Total sales for the year were $650,000. Actual warranty repairs made during the year totaled $29,000.

Make the necessary summary journal entries to (a) record warranty expense and (b) record actual repairs.

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