Answer:
the journal entry to record warranty expense is:
Dr Warranty expense 30,000
Cr Warranty liability 30,000
the journal entry to record actual expenses related to product warranties:
Dr Warranty liability 10,000
Cr Cash (or inventory, or wages payable) 10,000
Depending on what type of costs are incurred by the company, the account credited will vary, e.g. if units are replaced, then inventory must be credited, or if units are repaired and only labor is used, then wages payable or cash should be credited. Since the question doesn't give us a lot of details, I credited cash.
No, 6ft=72in. There the same.
Answer:
Salary systems – also referred to as compensation plans or pay structure – are a collection of steps, policies and practices employers use to pay employees for their work. Salary systems consist of more than producing a weekly, biweekly or bimonthly paycheck.
Explanation:
Answer:
Recognized Sales Value = $18,000
Explanation:
Fragment company selling Price is $300/Unit
40% trade discount is offered for purchases of 50 units and more. That is, $300 x 40% = $120.
This implies anyone buying 50 or more will pay only $180/Unit ($300 - $120)
Customer Purchased 100 units
Sales terms is FOB, which implies Fragment is responsible for transportation costs of the products from his warehouse to the Port of Shipment including loading onto the ship. The Buyer will be responsible for Marine Freight expense, Insurance, Off-loading and shipment to his own warehouse
The $7 Per Unit indicated will account for inland transport to Port of shipment
Recognized Sales = 100 units x $180 = $18,000
Cost of Haulage (Carriage outwards) is $7 x 100 units = $700
