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Naddik [55]
3 years ago
12

Marin Factory provides a 2-year warranty with one of its products which was first sold in 2017. Marin sold $940,900 of products

subject to the warranty. Marin expects $122,010 of warranty costs over the next 2 years. In that year, Marin spent $74,460 servicing warranty claims. Prepare Marin’s journal entry to record the sales (ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
bazaltina [42]3 years ago
5 0

Answer and Explanation:

Cash                                                                            $940,900

         Sales Revenue                                                                    940,900

   To record Sales

Warranty Expense                                                       122,010

           Warranty Liability                                                             122,010

    To record estimated warranty

Warranty Liability                                                          74,460

            Inventory                                                                       74,460

    To record warranty claims

Warranty Liability account (122010 - 74460) = 47550

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The answer is D. Inventory account.

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giannis corporation purchases debt investments as trading securities at a cost of $150,000 on december 1. this is its first and
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In a condition given above where the Giannis Corporation sells a proportion of its trading securities, costing $9,000, for an amount of $10,000, the journal entry of the transaction would include a gain of $1,000. Therefore, the option C holds true.

<h3>What is the significance of gains?</h3>

The gains of a business organization can be referred to or considered as the surpluses earned by a company from the extraordinary and indirect operations, which are unrelated to its normal business activities. Any such gains are recorded under ''Other Revenues'' Accounts of the firm.

Therefore, the option C holds true and states regarding the significance of gains.

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The question seems to be incomplete. It has been added below.

Giannis corporation purchases debt investments as trading securities at a cost of $150,000 on December 1. This is its first and only purchase of such securities. On January 5, Giannis corporation decides to sell a portion of its trading securities (costing $9,000) for $10,000 cash. The journal entry to record this sale would include a:

A. Loss of $10,000

B. Gain of $10,000

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3 0
2 years ago
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In standard costing, variances are usu­ally revealed through accounts.

Standard costs represent realistic yardsticks and are, therefore, more useful for controlling and reducing costs.

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