Which of the following is an account used in applying the Sales Warranty Approach, but not the Expense Warranty Approach Select one: O a. Estimated liability under warranties O b. Warranty Expense Oc Unearned Warranty Revenue O d. Prepaid Warranty Expense
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- What accounts are used to record a contingent warranty liability that is probable and estimable but has yet to be fulfilled? A. warranty liability and cash B. warranty expense and cash C. warranty liability and warranty expense, cash D. warranty expense and warranty liabilityWhat accounts are used to record a contingent warranty liability that is probable and estimable buthas yet to be fulfilled?A. warranty liability and cashB. warranty expense and cashC. warranty liability and warranty expense, cashD. warranty expense and warranty liability2. Which of the following best describes the accounting for assurance-type warranty costs? * 1 point a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.
- Which one of the following options is correct for a journal entry creating provision for warranty expenses?Select one:a. Correct option is not listed in hereb. Warranty provision Dr , Warranty expenses Crc. Warranty expenses Dr , Warranty provision Crd. Warranty Expenses Dr, PAYG tax Cr, Warranty Provision CrAll of the following statements related to recording warranty expense are true except: Multiple Choice Warranty expense should be recorded in the period when the warranty service is performed. Warranty costs are probable and the amount can be estimated. The seller reports a warranty obligation as a liability. Estimated warranty expense is recorded when revenue from the sale of the product or service is reported. Recording estimated warranty expense requires a debit to Warranty Expense.15. The expense warranty accrual method a. violates the matching conceptb. requires recognition in the period of sale of the estimated warranty expense and warrantyliabilityc. separates accounting for two components of the sales price: the price of the product andthe price of the warrantyd. debits warranty costs to expense in the period when warranty expenditures are made
- 19. Which of the following best describes the accounting for assurance-type warranty costs? * a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.Describe the accounting treatment for an assurance-type warranty and for a service-type warranty.Required: 1. Prepare journal entries in connection with the warranty using the “expense as incurred” approach.2. Prepare journal entries in connection with the warranty using the “accrual” approach.
- What business circumstance could bring about a short-term note payable created from a purchase?Explain the accounting for a service-type warranty.6- All of the following statements related to recording warranty expense are true except: Top of Form Multiple Choice Warranty expense should be recorded in the period when the warranty service is performed. Warranty costs are probable and the amount can be estimated. Estimated warranty expense is recorded when revenue from the sale of the product or service is reported. The seller reports a warranty obligation as a liability. 0r Recording estimated warranty expense requires a debit to Warranty Expense.