Felix Sales Inc

question 94

Essay

Felix Sales Inc.offers warranties on all its electronic goods.Warranty expense is estimated at 3.5% of sales revenue.In 2015,Felix had $333,000 of sales.In the same year,Felix paid out $8,750 of warranty payments.Provide the journal entry to record the warranty expense.

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Definitions:

Ironclad Ships

Armored naval vessels introduced in the mid-19th century, marking a significant advancement in naval warfare technology, notable for their role in the American Civil War.

USS Monitor

A significant ironclad warship of the Union during the American Civil War, renowned for its pivotal role in the Battle of Hampton Roads in 1862, marking a revolution in naval warfare.

CSS Virginia

A historic ironclad warship of the Confederate States Navy in the American Civil War, notably partaking in the Battle of Hampton Roads in 1862.

American Red Cross

A humanitarian organization that provides emergency assistance, disaster relief, and education inside the United States, founded by Clara Barton in 1881.