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Accounting

Warranties Winslow Company sold 150 color laser copiers in 2010 for $4,000 apiece, together with a one-year warranty. Maintenance on each copier during the warranty period averages $300.

(a) Prepare entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used. Actual warranty costs incurred in 2010 were $17,000.

(b) On the basis of the data above, prepare the appropriate entries, assuming that the cash-basis method is used.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9971782

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