Try another version of this question
Ozols Industries completed the following transactions during 2019:
October 1 Made sales of $34,000 Ozols Industries estimates the warranty expense is 3% of sales. (Record only the warranty expense.)
November 20 Paid $1,400 to satisfy warranty claims.
December 31 Estimated vacation benefits expense to be $4,600.
Journalize the entries required.
Date Description Debit Credit Oct. 1 Oct. 1 Nov. 20 Nov. 20 Dec. 31 Dec. 31 Date Description Debit Credit Oct. 1 Warranty Expense 1,020 Oct. 1 Est. Warranty Payable 1,020 Nov. 20 Est. Warranty Payable 1,400 Nov. 20 Cash 1,400 Dec. 31 Vacation Benefits Expense 4,600 Dec. 31 Vacation Benefits Payable 4,600