Record the entry to accrue jet-cleans warranty costs, Financial Accounting

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Record the entry to accrue jet-cleans warranty costs

Problem

Jet-Clean sold washing machines totaling $1 million during 2019. Each washing machine carries a 3-year warranty. Jet-Clean estimates that warranty repairs on the washing machines will cost 1% of the sales price.

a) Record the entry to accrue Jet-Clean's warranty costs at the end of 2019.

b) During the first quarter of 2020, Jet-Clean paid $750 for washing machine repairs under warranty.

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Financial Accounting: Record the entry to accrue jet-cleans warranty costs

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Financial Accounting: Record the entry to accrue jet-cleans warranty costs

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