Business, 30.07.2021 01:10 ammyraammirez24

Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $379,000 for January. On February 7, a customer received warranty repairs requiring $250 of parts and $105 of labor. a. Journalize 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.

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Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated...