Vaughn Factory provides a 2-year warranty with one of its products which was first sold...
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Accounting
Vaughn Factory provides a year warranty with one of its products which was first sold in Vaughn sold $ of products subject to the warranty. Vaughn expects $ of warranty costs over the next years. In that year, Vaughn spent $ servicing warranty claims. Prepare Vaughn's journal entry to record the sales ignore cost of goods sold and the December adjusting entry, assuming the expenditures are inventory costs. If no entry is required, select No Entro for the account titles and enter for the amounts. Credit account titles are outomatically indented when amount is entered. Do not indent manually, List all debit entries before creditentries,
Date Account Titles and Explanation
During
To record payment for warranty costs incurred
To record sales
Answer & Explanation
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