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    Skynrd's Avatar
    Skynrd Posts: 1, Reputation: 1
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    #1

    Jul 18, 2011, 09:13 PM
    Accounting 1 for non accounting majors
    Products have a warranty for one year. The estimation of the product warranty is 2% of the sales The sales were $500,000 for January. In February, a customer received warranty repairs requiring $2,500 in parts. What is the warranty liability amount at the end of the first month in the current year which would be January 31?
    What accounts are decreased for the warranty work provided in the month of February?
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    Just Looking Posts: 1,610, Reputation: 480
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    #2

    Jul 19, 2011, 07:21 AM

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