Business, 08.05.2021 01:00 kyriebarnes143
River Forest Appliances, Inc. sells food processors for $300 with a 120-day warranty against defects. Past experience indicates that 5% of the processors will have some defect during the warranty period and that the necessary repairs and adjustments will cost $50 per defective unit. Sales for August were $438,000. 30 units were reported defective and repaired in August. What is the August 31 journal entry for the estimated liability for product warranties for units sold in August
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