Exercise 13-10 Blossom Company sold 200 color laser copiers on July 10, 2017, fo

Question

Exercise 13-10 Blossom Company sold 200 color laser copiers on July 10, 2017, for $4,050 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $326. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2017. Actual warranty costs (inventory) incurred in 2017 were $18,280. (If no entry is required, select "No Entry" for the account titles and entero ior ihe amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Journal entries: Date Accounts title and explanations Debit $ Credit $ 10-Jul Accounts receivable Account Dr. 810000       Sales revenue account 810000 10-Jul Warranty expense Account Dr. 65200    Warranty liability Account 65200 Dec-17 Warranty liability Account Dr. 18280      Cash account 18280

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