14) which of the complying with is had in the entry to record estimated warranty payable?

A) a credit transaction to estimated Warranty Payable

B) a credit to goods Inventory

C) a credit transaction to vouch Expense

D) a debit to estimated Warranty Payable

15) Jumbo Sales offers warranties on all their electronic goods. Warranty price is estimated at 3% of sales revenue. In 2013, Jumbo had actually $595,000 that sales. In the same year, Jumbo paid the end $8,500 of warranty payments. I beg your pardon of the following is the entry required to record the approximated warranty expense?

A)

Estimated vouch Payable

8,500

          Cash

8,500

B)

Warranty Expense

8,500

          approximated Warranty Payable

8,500

C)

Warranty Expense

17,850

          estimated Warranty Payable

17,850

D)

Warranty Expense

17,850

          Sales Revenue

17,850

16) Jumbo Sales offers warranties on every their digital goods. Warranty price is estimated at 3% that sales revenue. In 2013, Jumbo had actually $595,000 that sales. In the same year, Jumbo paid the end $8,500 of vouch payments. I beg your pardon of the complying with is the entry needed to document the disbursement of vouch payments?

A)

Estimated vouch Payable

8,500

          Cash

8,500

B)

Warranty Expense

8,500

          estimated Warranty Payable

8,500

C)

Warranty Expense

17,850

          approximated Warranty Payable

17,850

D)

Warranty Expense

17,850

          Sales Revenue

17,850

17) Sara Digital starts the year v $2,500 in its approximated Warranty Payable account. During the year, there to be $210,000 the sales and also $4,500 the warranty repair payments. Sara Digital approximates warranty expense at 2% the sales.

The newspaper entry to document this will incorporate a debit to Warranty price for:

A) $4,200

B) $4,500

C) $2,500

D) $2,200

18) Sara Digital starts the year v $2,500 in its approximated Warranty Payable account. Throughout the year, there to be $210,000 that sales and also $4,500 that warranty repair payments. Sara Digital approximates warranty expense at 2% of sales. At the finish of the year, what was the balance in the approximated Warranty Payable account?

A) $4,200 debit

B) $4,500 credit

C) $2,500 debit

D) $2,200 credit

19) Bike civilization offers warranties top top all your bikes. They estimate warranty cost at 3.5% the sales. At the beginning of 2013, the estimated Warranty Payable account had actually a credit balance of $1,200. During the year, Bike world had $295,000 of sales, and also had to pay out $5,300 in warranty payments. Exactly how much Warranty cost will be report on the 2013 income statement?

A) $6,225

B) $6,500

C) $9,125

D) $10,325

20) Bike world offers warranties on all your bikes. They calculation warranty price at 3.5% that sales. In ~ the start of 2013, the estimated Warranty Payable account had actually a credit transaction balance that $1,200. Throughout the year, Bike human being had $295,000 that sales, and also had to pay out $5,300 in vouch payments. At the finish of the year, what is the closeup of the door balance in the approximated Warranty Payable accounts?

A) $6,225

B) $6,500

C) $9,125

D) $10,325

21) Ragas Inc. Sold goods worth $50,000 in the year 2013 and also estimated 4% warranty expense for the year. Client complained the defects and also goods precious $1,500 had to it is in replaced. I m sorry of the complying with is the correct the newspaper entry because that honoring the warranties v goods?

A)

Estimated guarantee Payable

1,500

            Cash

1,500

B)

Estimated vouch Payable

1,500

            was Inventory

1,500

C)

Warranty Expense

1,500

            merchandise Inventory

1,500

D)

Estimated guarantee Payable

1,500

            warranty Expense

1,500

22) Royal apparel has perform admirably for the jae won year 2014. The decides to reward its employees through a bonus of 15% on yearly net income, ~ deducting the bonus. The net revenue before enabling bonuses is $300,000. Calculate the bonus allowable come the employees.

A) $45,000

B) $39,130

C) $52,941

D) $6,750

23) Tryst Inc. Has actually a policy of accruing $1,500 for every employee as a vacation benefit.


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Sarah, one employee, take it a vacation. Which of the following is the correct newspaper entry because that the vacation advantage paid?

A)

Vacation advantage Payable

1,250

            Vacation advantage Expense

1,250

B)

Vacation advantage Expense

1,500

            Cash

1,500

C)

Vacation advantage Payable

1,500

            Cash

1,500

D)

Vacation benefit Expense

1,250

            Vacation benefit Payable