When asked "How much should I borrow in student loans?" the CFPB (Consumer Financial Protection Bureau) said this.
1 answer:
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The above answer can be explained as under -
The journal entry to record estimated warranty expense is -
Warranty Expense Dr. ............. $ 17,800
Estimated Warranty Liability .......... Cr. $ 17,800.
The estimated warranty liability is calculated on the basis of the credit sales of the year and percentage estimated. Here, the credit sales of the year is $ 356,000 and the estimated percentage is 5 % of credit sales. Thus, estimated warranty liability is = $ 356,000