The following transactions of Jasmine Reef occurred during 2024:

Requirements 

1. Journalize required transactions, if any, in Reef ’s general journal. Explanations are not required.
2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0?

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Apr. 30 Jun. 30 Jul. 28 Sep. 30 Dec. 31 Reef is party to a patent infringement lawsuit of $190,000. Reef's attorney is certain it is remote that Reef will lose this lawsuit. Estimated warranty expense at 2% of sales of $350,000. Warranty claims paid in the amount of $5,500. Reef is party to a lawsuit for copyright violation of $80,000. Reef's attorney advises that it is probable Reef will lose this lawsuit. The attorney estimates the loss at $80,000. Reef estimated warranty expense on sales for the second half of the year of $510,000 at 2%.