What is the balance in Estimated warranty payable?

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June 30, 2020
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June 30, 2020

What is the balance in Estimated warranty payable?

Journalizing liability transactions

The following transactions of Dunn Miles occurred during 2012:

Apr

30

Miles is party to a patent infringement lawsuit of $230,000. Miles’s attorney is certain it is remote that Miles will lose this lawsuit.

Jun

30

Estimated warranty expense at 3% of sales of $430,000.

Jul

28

Warranty claims paid in the amount of $6,400.

Sep

30

Miles is party to a lawsuit for copyright violation of $130,000. Miles’s attorney advises that it is probable Miles will lose this lawsuit.

Dec

31

Miles estimates warranty expense on sales for the second half of the year of $510,000 at 3%.

Requirements

1. Journalize required transactions, if any, in Miles’s general journal. Explanations are not required.

2. What is the balance in Estimated warranty payable?

 

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