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Franconia Sales offers warranties on all their electronic goods. Warranty expense is estimated at ...

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Franconia Sales offers warranties on all their electronic goods. Warranty expense is estimated at ...

Franconia Sales offers warranties on all their electronic goods. Warranty expense is estimated at 2% of sales revenue. In 2013, Franconia had $500,000 of sales. In the same year, Franconia paid out $7,500 of warranty payments. Which of the following is the entry needed to record the estimated warranty expense?
A)
Estimated warranty payable   7,500
Cash      7,500

B)
Warranty expense   7,500
Estimated warranty payable      7,500

C)
Warranty expense   10,000
Estimated warranty payable      10,000

D)
Warranty expense   10,000
Sales revenue      10,000

Textbook

Accounting, Volume 1, Canadian Edition

Edition: 9^th

Authors: Horngren, Harrison, Johnston, Meissner, Norwood

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Correct

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