Business, 19.02.2020 06:04 benwill0702
1. Early in 2020, Cullumber Equipment Company sold 500 Rollomatics at $6,300 each. During 2020, Cullumber spent $20,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. Prepare 2020 entries for Cullumber. Assume that Cullumber estimates the total cost of servicing the warranties in the second year will be $34,000.Date Account Titles and Explanation Debit CreditAt Sale During 2017 Dec. 31, 2017At SaleDuring 2017Dec. 31, 2017At SaleDuring 2017Dec. 31, 2017 2. Prepare 2017 entries for Coronado assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, $51,000 relates to sales of warranty contracts. Coronado estimates the total cost of servicing the warranties will be $50,000 for 2 years. Estimate revenues to be recognized on a straight-line basis. Date Account Titles and Explanation Debit CreditAt Sale During 2017 Dec. 31, 2017At SaleDuring 2017Dec. 31, 2017At SaleDuring 2017Dec. 31, 2017
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1. Early in 2020, Cullumber Equipment Company sold 500 Rollomatics at $6,300 each. During 2020, Cull...
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