Windsor Company sold 420 copy-making machines in 2020 for $2,900 apiece for cash, together with a one-year warranty. Repair costs on each machine are estimated to be $320 during the warranty period. Prepare entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used. Actual warranty costs (inventory) incurred in 2020 were $24,200. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Cash (To record sales) Debit Credit

Windsor Company sold 420 copy-making machines in 2020 for $2,900 apiece for cash, together with a one-year warranty. Repair costs on each machine are estimated to be $320 during the warranty period. Prepare entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used. Actual warranty costs (inventory) incurred in 2020 were $24,200. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Cash (To record sales) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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