Woodmier lawn products introduced a new line of commercial sprinklers in 2020 that carry a one-year warranty against manufacturer’s defects. because this was the first product for which the company offered a warranty, trade publications were consulted to determine the experience of others in the industry. based on that experience, warranty costs were expected to approximate 2% of sales. sales of the sprinklers in 2020 were $2,500,000. accordingly, the following entries relating to the contingency for warranty costs were recorded during the first year of selling the product:

general journal debit credit

accrued liability and expense
warranty expense(2% x 2,700,000) 54,000
warranty liability 54,000

actual expenditures (summary entry)
warranty liability 24,00
cash 24,00

in late 2021, the company's claims experience was evaluated and it was determined that claims were far more than expected—3% of sales rather than 2%.

required:
1. assuming sales of the sprinklers in 2021 were $3.8 million and warranty expenditures in 2021 totaled $90,000, prepare any journal entries related to the warranty.
2. assuming sales of the sprinklers were discontinued after 2020, prepare any journal entry(s) in 2021 related to the warranty.

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)

Reliability and validity reliability and validity are two important considerations that must be made with any type of data collection. reliability refers to the ability to consistently produce a given result. in the context of psychological research, this would mean that any instruments or tools used to collect data do so in consistent, reproducible ways. unfortunately, being consistent in measurement does not necessarily mean that you have measured something correctly. to illustrate this concept, consider a kitchen scale that would be used to measure the weight of cereal that you eat in the morning. if the scale is not properly calibrated, it may consistently under- or overestimate the amount of cereal that’s being measured. while the scale is highly reliable in producing consistent results (e.g., the same amount of cereal poured onto the scale produces the same reading each time), those results are incorrect. this is where validity comes into play. validity refers to the extent to which a given instrument or tool accurately measures what it’s supposed to measure. while any valid measure is by necessity reliable, the reverse is not necessarily true. researchers strive to use instruments that are both highly reliable and valid.

Each row in a database is a set of unique information called a(n) table. record. object. field.