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exhibit 2.jpg (765x285) ×/%2 CengageNow21Orlin, xe GThe Pay oll Register Of x", X engagenow.com/ilm/takeAssignment/takeÄssignmentMain.do?invoker- assignments&takeAssignmentSessionLocator; assignment-take&inprogress-false; es and Problems eBook Show Me How Calculator Print item Accrued Product Warranty KSHEETAL... Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $402,000 for January. In February, a customer received warranty repairs requiring $200 of parts and $80 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. alize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in February ype he

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit a) Product warranty expenses a/c (402000*4%) 16080 Product warranty payable a/c 16080 (TO record warranty expenses) b) Product warranty payable a/c 280 Supplies a/c 200 Wages payable a/c 80 (To record warranty work provided)

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