Iggy Sales, Inc offers warranties on all its electronic goods
Warranty expense is estimated at 3.5% of sales revenue. In 2017, Iggy had sales of $333,000. In the same year, Iggy replaced defective goods with merchandise inventory costing $8,750. Prepare the journal entry to record the replacement of defective goods.
What will be an ideal response
Estimated Warranty Payable 8,750
Merchandise Inventory 8,750 .Merchandise Inventory Repaired = $8,750
You might also like to view...
If a researcher asks a consumer why s/he wants to buy a Nokia cell phone, and learns, "They look well built" (attribute); then asks "Why is it important that the phone be well built?"
and learns "It suggests Nokia is reliable" (a functional benefit); then asks "Why is reliability important?" and learns "Because my colleagues or family can be sure to reach me" (an emotional benefit), the researcher is using a technique called ________. A) brand personification B) projective technique C) visualization D) laddering E) Zaltman Metaphor Elicitation Technique
A statistic that indicates the distribution's dispersion is called measures of variability
Indicate whether the statement is true or false
Discuss the six general categories of tests of IT controls
Which of the following would be considered fair use of copyrighted material?
a. A writer references a portion of a comedian’s script in a book in order to demonstrate a key point. b. A writer copies a portion of a new book on chess in which he reveals the secrets in the competitor’s book. He credits the original author. c. A songwriter puts the words of a poem to a musical score. d. A writer and biologist copy 30 diagrams from another textbook, citing the original author.