Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading...

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Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 4% of sales. Sales for the month of December are $580,000. Actual warranty expenditures in January of the following year were $22,000. Required: 1. Record warranty expense and warranty liability for the month of December based on 4% of sales. 2. Record the payment of the actual warranty expenditures of $22,000 in January of the following year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record warranty expense and warranty liability for the month of December based on 4% of sales. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal 1 1 Warranty Expense Warranty Liability < Required 1 Required 2 > Debit Credit Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 4% of sales. Sales for the month of December are $580,000. Actual warranty expenditures in January of the following year were $22,000. Required: 1. Record warranty expense and warranty liability for the month of December based on 4% of sales. 2. Record the payment of the actual warranty expenditures of $22,000 in January of the following year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record warranty expense and warranty liability for the month of December based on 4% of sales. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal 1 1 Warranty Expense Warranty Liability < Required 1 Required 2 > Debit Credit