Multiple Choice
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
Correct Answer:
Verified
Correct Answer:
Verified
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