Try another version of this question
Ozols Industries completed the following transactions during 2019:
October 1 Made sales of $31,000 Ozols Industries estimates the warranty expense is 5% of sales. (Record only the warranty expense.)
November 20 Paid $1,500 to satisfy warranty claims.
December 31 Estimated vacation benefits expense to be $4,200.
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 1,550 Oct. 1 Est. Warranty Payable 1,550 Nov. 20 Est. Warranty Payable 1,500 Nov. 20 Cash 1,500 Dec. 31 Vacation Benefits Expense 4,200 Dec. 31 Vacation Benefits Payable 4,200