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Quiz #1 (2014 Winter, Solutions).docx

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Department
Accounting
Course
ACCTG415
Professor
Jason Lee
Semester
Winter

Description
ACCTG 415 ̶ Quiz #1 (Winter 2014, Solutions) Question 1 (20 marks) A. 10 marks January 1, 2014 Cash (1,200 × 3,000) 3,600,000 Sales (3,600,000 ̶ 600,000) 3,000,000 Unearned warranty revenue (200 × 3,000) 600,000 December 31, 2014 Warranty expense 322,000 Inventory - Parts 210,000 Wages payable 112,000 Unearned warranty revenue (70% × 600,000) 420,000 Warranty revenue 420,000 December 31, 2015 Warranty expense 120,000 Inventory - Parts 80,000 Wages payable 40,000 Unearned warranty revenue (30% × 600,000) 180,000 Warranty revenue 180,000 B. 10 marks January 1, 2014 Cash (1,200 × 3,000) 3,600,000 Sales 3,600,000 Warranty expense 450,000 Warranty liability (150 × 3,000) 450,000 December 31, 2014 Warranty liability 322,000 Inventory - Parts 210,000 Wages payable 112,000 December 31, 2015 Warranty liability 120,000 Inventory - Parts 80,000
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