In May, Fish Nets, Inc sold 8,000 nets with a three-month warranty for 10 each on account. Fish Nets estimates that warranty costs will be approximately 100 on these sales.
The actual warranty cost for the sales made in May was 30 in June and 50 in July. Fish Nets should ________.
A) record Warranty expense of 100 in May
B) record Warranty expense of 30 in June
C) report Allowance for uncollectible accounts of (100 ) in May
D) report Allowance for uncollectible accounts of (30 ) in June
Question 2
The accounts receivable ledger is simply a detailed listing of the same information that is summarized in Accounts Receivable in the general ledger.
a. True
b. False
Indicate whether the statement is true or false
Fish
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