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Category > Accounting Posted 04 Jun 2017 My Price 5.00

Streep Factory provides a 2-year warranty with one of its products

 

Streep Factory provides a 2-year warranty with one of its products which was first sold in 2014. In that year, Streep spent $70,000 servicing warranty claims. At year-end, Streep estimates that an additional $400,000 will be spent in the future to service warranty claims related to 2014 sales. Prepare Streep’s journal entry to record the $70,000 expenditure and the December 31 adjusting entry, assuming the expenditures are inventory costs.

 

 

 
 

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Alpha Geek
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Status NEW Posted 04 Jun 2017 05:06 AM My Price 5.00

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Attachments

file 1496554644-1563874_1_636321054833523153_Warranty-Expenditures.xlsx preview (92 words )
15-----------638-----------74&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------509-----------448-----------War-----------ran-----------ty -----------exp-----------end-----------itu-----------res-----------Str-----------eep----------- Fa-----------cto-----------ry -----------pro-----------vid-----------es -----------a 2------------ye-----------ar -----------war-----------ran-----------ty -----------wit-----------h o-----------ne -----------of -----------its----------- pr-----------odu-----------cts----------- wh-----------ich----------- wa-----------s f-----------irs-----------t s-----------old----------- in----------- 20-----------14.----------- In----------- th-----------at -----------yea-----------r, -----------Str-----------eep----------- sp-----------ent----------- $7-----------0,0-----------00 -----------ser-----------vic-----------ing----------- wa-----------rra-----------nty----------- cl-----------aim-----------s. -----------At -----------yea-----------r-e-----------nd,----------- St-----------ree-----------p e-----------sti-----------mat-----------es -----------tha-----------t a-----------n a-----------ddi-----------tio-----------nal----------- $4-----------00,-----------000----------- wi-----------ll -----------be -----------spe-----------nt -----------in -----------the----------- fu-----------tur-----------e t-----------o s-----------erv-----------ice----------- wa-----------rra-----------nty----------- cl-----------aim-----------s r-----------ela-----------ted----------- to----------- 20-----------14 -----------sal-----------es.----------- Pr-----------epa-----------re -----------Str-----------eep-----------’-----------s j-----------our-----------nal----------- en-----------try----------- to----------- re-----------cor-----------d t-----------he -----------$70-----------,00-----------0 e-----------xpe-----------ndi-----------tur-----------e a-----------nd -----------the----------- De-----------cem-----------ber-----------
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