Weyburn General Store has a May 31,2023 year-end. The company sells clocks and provides a...
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Weyburn General Store has a May yearend. The company sells clocks and provides a lifetime warranty on their product. Past experience suggests that of clocks sold will be returned for replacement. The estimated replacement cost of a clock is $ During the year, the total sales for the company was $ or clocks sold at $ per unit. On July clocks were returned and replaced under warranty at a total cost of $ The returned items were unusable and thus discarded. Provide the general journal entry to record the estimated warranty expense at yearend, and the journal entry to record the returnedreplaced items. Show all calculations
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