Felix Sales,Inc

question 149

Essay

Felix Sales,Inc.offers warranties on all its electronic goods.Warranty expense is estimated at 3.5% of sales revenue.In 2017,Felix had sales of $333,000.In the same year,Felix replaced defective goods with merchandise inventory costing $8,750.Prepare the journal entry to record the warranty expense.

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Definitions:

Phonemes

The smallest units of sound in a language that can distinguish one word from another, such as the difference between the /p/ and /b/ sounds in "pat" and "bat."

Psycholinguistics

The study of the psychological and neurobiological factors that enable humans to acquire, use, comprehend, and produce language.

Morphemes

The smallest grammatical unit in a language. A morpheme cannot be further divided and still retain meaning.

Algorithms

A set of rules or a step-by-step procedure for solving a problem or completing a task, often used by computers.