(Answered) Question- concept 1 office products sells office

Accounting

Question- Concept 1 Office Products sells office electronics that carry a 60-day manufacturer's warranty. At the time of purchase, customers are offered the opportunity to also buy a 1-year or 2-year extended warranty for an additional charge.

Required:

1. Does the sale of the extended warranty represent a loss contingency?

2. Provide journal entries for the extended warranty sales and revenue recognition.

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