Answer:
This is a short and direct template I used to get my job, and it works pretty well.
Explanation:
Answer: See explanation
Explanation:
Number of units sold = 76000
Percentage repair= 2%
Estimated defective units = Percentage repair × Units sold = 2% × 76000 = 1520
Actual defective units = 490 + 350 + 210 = 1050
Unclaimed warranty = Estimated defective units - Actual defective units = 1520 - 1050 = 470
Repair cost = $50
Warranty expense = 470 × $50 = $23500
The journal entry will then be:
31 December:
Debit: Product warranty expense = $23500
Credit: Estimated liability for product warranty = $23500
The Commission can sue to enjoin any violation action.
Before money or assets are transferred from one party to another in a transaction, a neutral third party is said to be keeping them. This third party is referred to as escrow. Until both the buyer and the seller have complied with the terms of the contract, the third party keeps the money.
Escrow is a legal term that refers to a financial arrangement in which a third party holds an asset or money on behalf of two other parties who are carrying out a transaction. The escrow agent is in charge of escrow accounts. Only after certain contractual duties have been fulfilled does the agent release the assets or funds. Escrow can be used to hold several types of assets, including cash and securities.
To know more about escrow refer to:
brainly.com/question/15703254
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