Answer:Woodmier journal $
1. Date
2021
Warranty expenses Dr 90,000
Warranty liability Cr. 90,000
Narration. Amount of warranty incurred for the year.
2021
Warranty liability Dr 90,000
Bank/Cash. Cr. 90,000
Narration. Payment of warranty expenditures.
2. No entry require
Explanation:
The warranty expenses since is a period of one year can be accounted for at the end of the year without requirements for provision at the beginning of the year. The actual warranty is debited to the income statement and the liability recognized as a creditor until payment.
The discontinuation of the sales of the product in 2021 will not affect the already incurred warranty liability and the account posting thereon in the following years.
Answer:
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Explanation:
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Answer:
<u>Validation</u>
Explanation:
The validation process occurs when an organization needs to know the skills and performances of some job seekers. Through a test with selected measures, such as construction measures, content and criteria, it is possible for the company to know and predict if a candidate is able to perform the tasks assigned to the position he is running.
Answer:
$33,630
Explanation:
Given that the company's collection history shows that 43% of credit sales are collected in month of sale and the remainder (57%) is collected in the following month then, in the month of January, Cash collections in January from December credit sales would be equivalent to 57% of December Credit sales. Using the actual figures,
Cash collections in January from December credit sales would be
= 57% * 59,000
= $33,630
