Question

Prepare 2017 entries for Concord assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, $55,000 relates to sales of warranty contracts. Concord estimates the total cost of servicing the warranties will be $54,000 for 2 years. Estimate revenues to be recognized on a straight-line basis. (If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 5 decimal places, e.g. 1.54657 answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit ? At Sale Cash ? 3660000 ? Sales Revenue ? ? Unearned Warranty Revenue ? ? During 2017 Warranty Expense 20000 ? ? Cash, Supplies, Wages Payable ? Dec. 31, 2017 Unearned Warranty Revenue ? 13630 ? Warranty Revenue (To record warranty revenue) 3605000 ? 55000 20000 13630

          Prepare 2017 entries for Concord assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, $55,000 relates to sales of warranty contracts. Concord estimates the total cost of servicing the warranties will be $54,000 for 2 years. Estimate revenues to be recognized on a straight-line basis. (If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 5 decimal places, e.g. 1.54657 answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit ? At Sale Cash ? 3660000 ? Sales Revenue ? ? Unearned Warranty Revenue ? ? During 2017 Warranty Expense 20000 ? ? Cash, Supplies, Wages Payable ? Dec. 31, 2017 Unearned Warranty Revenue ? 13630 ? Warranty Revenue (To record warranty revenue) 3605000 ? 55000 20000 13630

Prepare 2017 entries for Concord assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, 55,000 relates to sales of warranty contracts. Concord estimates the total cost of servicing the warranties will be54,000 for 2 years. Estimate revenues to be recognized on a straight-line basis. (If no entry is required, select N̈o Entryf̈or the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 5 decimal places, e.g. 1.54657 answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit ? At Sale Cash ? 3660000 ? Sales Revenue ? ? Unearned Warranty Revenue ? ? During 2017 Warranty Expense 20000 ? ? Cash, Supplies, Wages Payable ? Dec. 31, 2017 Unearned Warranty Revenue ? 13630 ? Warranty Revenue (To record warranty revenue) 3605000 ? 55000 20000 13630

Added by Mason B.

Question

Please give Ace some feedback