this question has 5 parts for part 5 record the following 12 entries 1.Record th

Question

this question has 5 parts

for part 5 record the following 12 entries
1.Record the sale of scanners to customers.

2.Record the cost of the November 15 sale.

3.Record the scanner warranty expense and liability at 12% of the units sold.

4.Record the cost of scanner warranty replacements.

5.Record the sale of scanners to customers.
6.Record the cost of the December 15 sale..

7.Record the cost of scanners warranty replacements.

8.Record the scanner warranty expense and liability at 12% of the units sold.

9.Record the sale of scanners to customers.

10.Record the cost of the January 14 sale.
11.Record the cost of scanner warranty replacements.
12.Record the scanner warranty expense and liability at 12% of the units sold.

On November 10, 2017, Singh Electronics bega to buy and resell scanners for $52 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. Wher a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cos for a new scanner is only $32. Singh estimates warranty costs based on 12% of the number o units sold. The following transactions occurre in 2017 and 2018 (ignore GST and PST) 2017 Nov. 15 Sold 3.500 scanners for?182000 cash 30 Recognized wamanty expense for Nowember with an adusting entry Dec. Replaced 130 scanners that were returned under the warranty 15 Sold 7,500 scanners 29 Replaced 36 scanners thet were returned under the warranty 31 Recognized wamanty expense for December with an adjusting entry 2018 Jan 14 Sold 375 scanners 20 Replaced 48 scanners thet were returned under the warrant 31 Recognized wamaty expense for January with an adjusting entry Required: 1. How much warranty expense should be reported for November and December 2017? Total

Explanation / Answer

1.

Working:

2.

Working:

3.

4.

5.

Warranty Exp. November 13440 December 28800

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