Carl Inc offers a three-year limited warranty on their products. Warranty claims history is as follows: A new manufacturing process was implemented at the beginning of 2023, the ledger shows that all the warranty claims were expensed as incurred in 2020. There is no warranty accrual.
- The journal entries required to correct On Board’s ledger to reflect the recommended approach for the 2020 financial statements.
|Year||Total Sales||Current yr sale||One yr prior sale||2 yr prior sale|
Requirements: 1 page