Robin Industries sold $350,000 of consumer electronics during Ma 1 answer below »

Robin Industries sold $350,000 of consumer electronics during May under a nine-month warranty. The cost to repair defects under the warranty is estimated at 3% of the sales price. On July 16, a customer was given $140 cash under terms of the warranty. Provide the journal entry for
(a) The estimated warranty expense on May 31 and
(b) The July 16 cash payment.

 

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