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Nash Industries Changed Its Method of Accounting for Warranties from the Cash

question 77

Essay

Nash Industries changed its method of accounting for warranties from the cash basis to the accrual basis on January 1, 2018. The company's accountant determined that a liability of $70,000 should be established. Ignore income taxes.
Required:
Prepare the journal entry to record the accounting change.


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Law Enforcement Model

A strategy or framework designed to guide the activities and priorities of police and other justice agencies.

Probation and Parole Officers

Criminal justice professionals who supervise offenders granted probation (instead of prison time) or parole (early release from prison).

Ethical Dilemmas

Situations in which a person faces a choice between two morally right or wrong options, where choosing one means transgressing the other.

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The management and care of a patient for the purpose of combating a disease or disorder.

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