Exercise 11-05 a-c Bramble Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Bramble estimates that 4% of the units sold will become defective during the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is $20. The units sold and units defective that occurred during the last 2 months of 2020 are as follows. Month November December Units Sold 36,800 38,800 Units Defective Prior to December 31 736 485 Your answer is partially correct. Try again. Prepare the journal entry to record the costs incurred in honoring 1,221 warranty claims. (Assume actual costs of $24,420.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit X Warranty Expense 58880 Warranty Liability 588801 (To record honoring of warranty contracts.) Your answer is partially correct. Try again. Prepare the journal entry to record the warranty liability at December 31 for the units sold in November and December. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation X Warranty Liability 58880 Repair Parts 58880 SHOW LIST OF ACCOUNTS x Your answer is incorrect. Try again. Give the entry to record the honoring of 500 warranty contracts in January at an average cost of $20. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS