On January 23, 2019, Zenox Company sold $105,000 of furniture on account that had a cost of $82,000. All of Zenox's sales are covered by an unconditional 24-month replacement warranty. Historical data indicates that warranty costs average 2% of the cost of sales. On January 29, 2019, Zenox replaced furniture with a cost of $2,000 that was covered by warranty. Required: a. Prepare the journal entry to record the estimated warranty liability for January. b. Prepare the entry to record the warranty expense incurred in January. c. Assuming the Estimated Warranty Liability account had a credit balance of $740 on January 1. 2019. calculate the balance at January 31, 2019 after the entries above were posted.

Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity

Assurance-Type Warranty Clean-All Inc. sells washing machines with a 3-year assurance-type warranty. In the past, Clean-All has found that in the year after sale, warranty costs have been 3% of sales; in the second year after sale, 5% of sales; and in the third year after sale, 7% of sales. The following data are also available: Required: 1. Prepare the journal entries for the preceding transactions for 20192021. Closing entries are not required. 2. What amount would Clean-All report as a liability on its December 31, 2021, balance sheet, assuming the liability had a balance of 88,200 on December 31, 2018? 3. Next Level How would the failure to recognize a contingent liability affect the financial statements?

please help me to solve this question

On August 1, 2019, Pereira Corporation has sold 1,600 Wiglows to Mendez Company at $450 each. Mendez also purchased a 1-year service-type warranty on all the Wiglows for $12 per unit. In 2019, Pereira incurred warranty costs of $9,200. Costs for 2020 were $7,000. Required: 1. Prepare the journal entries for the preceding transactions. 2. Show how Pereira would report the items on the December 31, 2019, balance sheet.

Instructions General Journal Balance Sheet On August 1, 2019, Pereira Corporation has sold 1,500 Wiglows to Mendez Company at $420 each. Mendez also purchased a 1- 1. Prepare the necessary journal entries to record: 2. Show how Pereira would report the items on the December 31, 2019, balance sheet. year service-type warranty on all the Wiglows for $10 per unit. In 2019, Pereira incurred warranty costs of $9,000. Costs for 2020 were $3,000. 1. The sale of Wiglows and service warranty on account on August 1, 2019 Balance Sheet Instruction Required: 2. The warranty costs paid during 2019 1. Prepare the journal entries for the preceding transactions. 3. The warranty revenue earned in 2019 2. Show how Pereira would report the items on the December 31, 2019, balance sheet. 4. The warranty costs paid during 2020 PEREIRA CORPORATION 5. The warranty revenue earned in 2020 Partial Balance Statement December 31, 2019 1 Current Liabilities: General Journal Instructions 2 PAGE 1 GENERAL JOURNAL…

hello, I need help please

Casio Co. sells calculators that carry a one- year warranty against manufacturer's defects. Based on company experience, warranty costs are estimated at P 300 per calculator. During 2019, Casio sold 24,000 calculators and paid warranty costs of P 170,000. In its income statement for the year ended Dec. 31, 2019, how much should Casio report as warranty expense? *   A.P 5,500,000 B.P 2,400,000 C.P 1,700,000 D.P 7,200,000

Stellar Company sold 201 color laser copiers on July 10, 2025, for $4,230 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $333. Prepare entries to record the sale of the copiers, the related warranty costs, and any accrual on December 31, 2025. Actual warranty costs (inventory) incurred in 2025 were $16,250. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation (To record sales) (To record payment for warranty costs incurred) (To record estimated warranty expense and warranty liability for expected warranty claims) Debit Credit

F