Solved: The warranty provision account has a credit balance of 700, Accounting Basics

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The warranty provision account has a credit balance of 700

Question - Mac's Auto Repairs Pty Ltd provides a 3-month warranty for repairs. Mac's Auto Repairs estimates its warranty liabilities as 4% of the service revenue for the preceding quarter. For the 3 months from April to June, Mac's Auto Repairs' service revenue was $250 000. The Warranty Provision account has a credit balance of $700. Prepare the adjusting entry to record the warranty provision at 30 June.

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Accounting Basics: The warranty provision account has a credit balance of 700

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Accounting Basics: The warranty provision account has a credit balance of 700

Reference No:- TGS02756147

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