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09-12-2019
Business

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True or False. Expense for a quality-assurance warranty is recorded along with the related liability in the reporting period in which the product under warranty is sold.

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jepessoa jepessoa

10-12-2019

Answer:

True

Explanation:

Whenever a company sells products that may generate warranty expenses, it must estimate the warranty expenses associated with the products sold.

It must credit a warrant liability account, and as the warrant claims are made, the company must debit a warranty expense account.

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