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Rashid [163]
3 years ago
9

On September 1, Home Store sells a mower (that costs $240) for $540 cash with a one-year warranty that covers parts. Warranty ex

pense is estimated at 6% of sales and is recorded at the time of the sale. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $38 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs.
Business
1 answer:
Fudgin [204]3 years ago
3 0

Answer:

J1

Cash $540 (debit)

Cost of Goods Sold $240 (debit)

Sales Revenue $540 (debit)

Inventory $240 (credit)

J2

Warranty Provision $38 (debit)

Direct Materials $38 (credit)

Explanation:

September 1 entries to record the cost and sale of the mower are :

Cash $540 (debit)

Cost of Goods Sold $240 (debit)

Sales Revenue $540 (debit)

Inventory $240 (credit)

The Warranty Expenses is recorded as :

Warranty Expense $32.40 (debit)

Warranty Provision $32.40 (credit)

Warranty = $540 × 6% = $32.40

When the mower is brought i for repairs, the amount of Provision is used as follows :

Warranty Provision $38 (debit)

Direct Materials $38 (credit)

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Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area
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Answer:

Puget Sound Divers

Puget Sound Divers Planning and Flexible Budgets

For the Month Ended May 31

                                          Planning      Flexible

                                           Budget       Budget

Budgeted diving-hours (q)    350              340

Revenue ($390.00q)     $ 136,500   $132,600

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Supplies ($5.00q)                 1,750           1,700

Equipment rental                11,250         11,000

Insurance ($4,100)               4,100           4,100

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Explanation:

a) Data and Calculations:

Puget Sound Divers Planning Budget

For the Month Ended May 31

Budgeted diving-hours (q) 350

Revenue ($390.00q)                            $ 136,500

Expenses:

Wages and salaries ($11,100 + $120.00q) 53,100

Supplies ($5.00q)                                         1,750

Equipment rental ($2,500 + $25.00q)      11,250

Insurance ($4,100)                                       4,100

Miscellaneous ($520 + $1.42q)                   1,017

Total expense                                            71,217

Net operating income                         $ 65,283

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Equipment rental ($2,500 + $25.00 * 340 = $11,000

Miscellaneous ($520 + $1.42 * 340 = $1,003

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