Arena Company_warranty expenses Payable

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During August, Arena Company sells $363,000 in product that has a one year warranty. Experience shows that warranty expenses average about 4% of the selling price. The warranty liability account has a balance of $13,500 before adjustment. Customers returned product for warranty repairs during the month that used $10,100 in parts for repairs. The entry to record the customer warranty repairs is:

    • 6 years ago
    Arena Company_warranty expenses Payable
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      arena_company_warranty_expenses_payable.docx