On 30 June 2016,Video Manufacturers Ltd,which uses accrual accounting,estimates that it will incur warranty costs of $24 000 in the next financial year on products sold during the year just ended.On 7 October 2016,the manufacturer pays $3500 under the warranty.What is the journal entry made by Video Manufacturers Ltd on 30 June 2016?

Question

On 30 June 2016,Video Manufacturers Ltd,which uses accrual accounting,estimates that it will incur warranty costs of $24 000 in the next financial year on products sold during the year just ended.On 7 October 2016,the manufacturer pays $3500 under the warranty.What is the journal entry made by Video Manufacturers Ltd on 30 June 2016?
On 30 June 2016,Video Manufacturers Ltd,which uses accrual accounting,estimates that it will incur warranty costs of $24 000 in the next financial year on products sold during the year just ended.On 7 October 2016,the manufacturer pays $3500 under the warranty.What is the journal entry made by Video Manufacturers Ltd on 30 June 2016?

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The Answer of On 30 June 2016,Video Manufacturers Ltd,which uses accrual accounting,estimates that it will incur warranty costs of $24 000 in the next financial year on products sold during the year just ended.On 7 October 2016,the manufacturer pays $3500 under the warranty.What is the journal entry made by Video Manufacturers Ltd on 30 June 2016?

On 30 June 2016,Video Manufacturers Ltd,which Uses Accrual Accounting,estimates That