ect Homework ( Saved Required information Exercise 8-14A Record warranties (LO8-5) The following information applies to the questions displayed below.] 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 5% of sales Sales for the month of December are $420,000. Actual warranty expenditures in January of the following year were $14.000 Exercise 8-14A Parts 2 & 3 2. & 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event. select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the contingent liability for warranties. warranties. Note: Enter debits before credits Transaction General Journal Debit Credit mect Homework Saved were $14,000 Exercise 8-14A Parts 2 & 3 2. & 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transactionlever select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the actual warranty expenditures. Note: Enter debits before credits Transaction General Journal Debit Credit 13 Record entry Clear entry View general journal Required information Exercise 8-14A Record warranties (LO8-5) The following information applies to the questions displayed below.) 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 5% of sales. Sales for the month of December are $420,000. Actual warranty expenditures in January of the following year were $14,000 Exercise 8-14A Part 4 4. What is the balance in the Warranty Liability account after the entries in Part 2 and 3? Warranty Liability