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On September 1, 2016, Carolina Electronics Company has 1,000 Blu-ray players ready for sale. On October...

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Accounting

On September 1, 2016, Carolina Electronics Company has 1,000Blu-ray players ready for sale. On October 1, 2016, 870 are sold,on account, at $125 each with a 1-year assurance-type warranty.Carolina estimates that the warranty cost on each Blu-ray playersold will probably average $8 per unit. During the final 3 monthsof 2016, Carolina incurred warranty costs of $3,800, and in 2017warranty costs were $3,160. Required: 1. Prepare the journalentries for the preceding transactions. 2. Show how the precedingitems would be reported on the December 31, 2016, balance sheet. 3.Prepare the journal entries for the preceding transactions usingthe modified cash basis method. 4. Next Level Which method producesthe better measure of income? Why?

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