Maddox company sells televisions with a 2-year warranty, Ask an Expert

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Maddox company sells televisions with a 2-year warranty. past experience indicat3es the 2% of the units sold will be returned during the warranty period for repairs. the average cost of repairs under warranty is estimated to be $50 per unit. During 2010, 7,000 units were sold at an average price of $400. During the year, repairs were made on 55 units at a cost of $2,400.Prepare journal entries to record the repairs made under warranty and estimated warranty expense for the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953141

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