If evergreen estimates warranty claims will equal 3% of sales, the estimated warranty expense for the month is debit warranty expense $1,260; credit Cash $1,260.
A warranty is a guarantee that is not a requirement of the contract or an indefinite term; it is a clause that only provides rights to the innocent party and does not affect the fundamental terms of the agreement.
The written assurance of quality as promised to a customer by a product manufacturer or service provider is known as a warranty. For the duration of the warranty's term, warranties offer customers legally guaranteed service replacement or problem-solving measures, subject to the warranty's terms and conditions.
Any plant that keeps its leaves all year long and into the following growing season is considered to be evergreen. Many broad-leaved flowering plant species from the tropics are evergreen, but in cold-temperate and arctic regions, the evergreens are typically cone-bearing shrubs or trees (conifers), like pines and firs.
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