The journal entry a company uses to record the estimated product warranty liability expense is

1 – The journal entry a company uses to record the estimated
product warranty liability expense is A. debit Product Warranty Expense; credit Product Warranty
Payable B. debit Product Warranty Payable; credit Cash C. debit Product Warranty Payable; credit Product Warranty
Expense D. debit Product Warranty Expense; credit Cash 2- Quick assets include A. cash, cash equivalents, receivables, and inventory B. cash, cash equivalents, receivables, prepaid expenses, and
inventory C. cash, cash equivalents, and receivables D. cash, cash equivalents, receivables, and prepaid expenses 3 – The charter of a corporation provides for the issuance of
100,000 shares of common stock. Assume that 40,000 shares were
originally issued and 10,000 were subsequently reacquired. What is
the number of shares outstanding? A. 50,000 B. 10,000 C. 30,000 D. 40,000

Answers
1.A. debit Product Warranty Expense; credit Product Warranty
Payable
2.C. cash, cash equivalents, and receivables
Quick asset=current asset-inventory-prepaid expenses
3.C.30000(40000-10000)
They re aquired 10000 shares so
it will be 30000

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