Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Must Buy sells electronic items to its customers. In a particular year, thesales were $226,000. It also sold product warranties (on a 2 year warranty)which amount to 3% of product sales. As it sells quality products, not manycustomers come back for repairs. So, it allocates only $5,000 per yeartoards repair costs. Must Buy spent Rs.890 in the first year and $865 in thesecond year on warranty repairs. Please prepare all necessary entries torecord the transactions in both years

Warranty revenue is recogized over a period of two years as the period of service is two years.…

Answered: ount to 3% of product sales. As it…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ount to 3% of product sales. As it sells quality pro come back for repairs. So, it allocates only $5,00