Read and answer both questions while showing steps. 1. Ridgepointe Corporation...
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Read and answer both questions while showing steps.
1. Ridgepointe Corporation made sales of $300,000 subject to warranties that are estimated to be at 4% of the sales made. The entry to accrue warranty expense would include which of these? A. Credit to Inventory, $12,000 B. Debit to Warranty Payable, $12,000 C. Credit to Warranty Expense, $12,000 D. Credit to Accrued Warranties Payable, $12,000 Refer to Question #1 . Defects totaled $8,000. Ridgepointe's entry to replace the defective products will include which of these? A. Credit to Accrued Warranties Payable. B. Credit to Inventory C. Debit to Warranty Expense. D. Debit to Inventory
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