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QUESTION
)During August, Arena Company sells $355,000 in product that has a one year warranty. Experience shows that warranty expenses average about 5% of the...
1.)During August, Arena Company sells $355,000 in product that has a one year warranty. Experience shows that warranty expenses average about 5% of the selling price. The warranty liability account has a balance of $11,700 before adjustment. Customers returned product for warranty repairs during the month that used $8,300 in parts for repairs. The entry to record the estimated warranty expense for the month is:
