Business, 15.02.2021 23:40 danielmartinez024m

Clean-All, Inc. sells washing machines with a 3-year assurance type warranty. In the past, Clean-All has found that in the year after the sale, warranty costs have been 3% of sales; in the second year after sale, 5% of sales; and in the third year after sale, 7% of sales. the following data are also available: Year Sales Warranty Expenditures 2018 650,000 82,000 2019 700,000 85,000 Instructions: 1. Prepare the journal entries for the preceding transactions for 2018-2019. Closing entries are not required. 2. Determine the amount Clean-All will report as liability on December 31, 2019, assuming the liability had a balance of $101,200 on December 31, 2017.

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Clean-All, Inc. sells washing machines with a 3-year assurance type warranty. In the past, Clean-All...

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