Question : Please help me with the figures for each entry.
Please help me with the figures for each entry.
Sweet Factory provides a 2-year warranty with one of its products which was first sold In 2017. Sweet sold $1,023,100 of products subject to the warranty. Sweet expects $127,720 of warranty costs over the next 2 years. In that year, Sweet scent $68,080 servicing warranty claims. Prepare Sweet's journal entry to record the sales (Ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are Inventory costs.