(Solved by Humans)-Problem 9-5A Warranties Beck Company sells a product for $3,200. When the customer buys it, Beck...
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Problem 9-5A Warranties Beck Company sells a product for $3,200. When the customer buys it, Beck provides a one-year warranty. Beck sold 120 products during 2014. Based on analysis of past warranty records, Beck estimates that repairs will average 4% of total sales. Required 1. Prepare the journal entry to record the estimated liability. 2. Assume that during 2014, products under warranty must be repaired using repair parts from inventory costing $10,200. Prepare the journal entry to record the repair of products. 3. Assume that the balance of the Estimated Liability for Warranties account as of the beginning of 2014 was $1,100. Calculate the balance of the account as of the end of 2014.
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This question was answered on: 10 May, 2025
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