McBride Industries Completed the Following Transactions During 2018 Journalize the Transactions (Explanations Are Not Required)

question 190

Essay

McBride Industries completed the following transactions during 2018:
$$\begin{array} { | l | l | } \hline & \text { Made sales of } \$ 10,000 . \text { McBride estimates that warranty expense is } \\\text { Oct. 1 }&\text { 5\% of sales. (Record only the warranty expense.) }\\\hline \text { Oct. 24 } & \text { Paid } \$ 250 \text { to satisfy warranty claims. } \\\hline \text { Dec. } 31 & \text { Estimated vacation benefits expense to be } \$ 2,350 . \\\hline & \text { McBride expected to pay its employees a } 4 \% \text { bonus on net income } \\\text { Dec. } 31 & \text { after deducting the bonus. Net income for the year is } \$ 25,000 . \\\hline\end{array}$$ Journalize the transactions (explanations are not required).Round to the nearest dollar.

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Definitions:

Planning Fallacy

The cognitive bias that leads people to underestimate the amount of time needed to complete a task, despite knowing that similar tasks have taken longer in the past.

Dissertation

A lengthy, formal document presenting the author's research and findings, typically required for the completion of a doctoral degree.

Goal Shielding

A cognitive process where focusing on a primary goal helps to block out competing goals, thus avoiding distractions.

Overly Optimistic

Characterized by an excessive belief in the positive outcomes of events or situations, often overlooking the likelihood of negative results.