Hitzu Co. sold a copier costing $4, 800 with a two-year parts warranty to a customer on August 16,..

Hitzu Co. sold a copier costing $4, 800 with a two-year parts warranty to a customer on August 16, 2015, for $6,000 cash. Hitzu uses perpetual inventory system. On November 22, 2016, the copier requires on site re. pairs that the These are completed the same day. repairs cost $209 materials taken from the Repair Parts Inventory costs are the only repairs required in for this copier Based on experience, Hitzu expects to incur warranty costs. Equal 4% of dollar sales. It records warranty expense with an adjusting entry at the end of each year 1.How much warranty expense does the company report

Hitzu Co. sold a copier costing $4, 800 with a two-year parts warranty to a customer on August 16, 2015, for $6,000 cash. Hitzu uses perpetual inventory system. On November 22, 2016, the copier requires on site re. pairs that the These are completed the same day. repairs cost $209 materials taken from the Repair Parts Inventory costs are the only repairs required in for this copier Based on experience, Hitzu expects to incur warranty costs. Equal 4% of dollar sales. It records warranty expense with an adjusting entry at the end of each year 1.How much warranty expense does the company report in 2015 for this copier? 2. How much is the estimated warranty liability for this copier as of December 31.2015? 3. How much warranty expense does the company in 2016 for this copier? 4. How much is the estimated warranty liability for this copier as of December 31, 2016? 5. Prepare journal entries to record (a) the copiers sale; (by the adjustment on December 31, 2015, to recognize the warranty expense; and (c) the repairs that occur in November 2016.

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