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Do nomewokicholas Russen Google Chrome Secure | https/www.mathxl.com/Student/PlayerHomework.aspx2homeworkld-485 PRIN of ACCT 1 (61) SUM18 (Coates) Homework: Chapter 11 Homework HW Score: 29.470 core: 0 of 4 pts 11-21 (similar to) The accounting records of Made from Clay Ceramics included the following at January 1, 2018 ?(Click the icon to view the data.) 3 of 6 (3 complete) Question Help In the past, Made from Clay's warranty expense has been 3% of sales. During 2018. Made from Clay made sales of $189,000 and paid $5.500 to satisfy warranty claims Read the requirements Requirement 1. Journalize Made from Clay's warranty expense and warranty payments during 2018. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the warranty expense Date Accounts Debit Credit

Explanation / Answer

Sales $ 189,000.00 Estimated Warantty Payable Amount $      5,670.00 [189000*3%] Beginning Balance Payable $      3,000.00 JE Warantty Expense $      5,670.00 To Estimated Waranty Payable $ 5,670.00 Estimated Waranty Payable $      5,500.00 To Cash $ 5,500.00 EXTRACT OF BALANCE SHEET Estimated Warantty Payable $      3,170.00 [$3000+5670-$5500]

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