M ap e ning Warranties - Principles o* + Assignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator &inprogress=false eBook Calculator Cornerstone Exercise 8-32 (Algorithmic) Warranties In 2019, Jammer Jumps sold 100 bounce houses at $4,200 each. The bounce houses carry a 5-year warranty for defects. Jammer estimates that repair costs will average 4% of the total selling price. The estimated warranty liability at the beginning of the year was $42,000. Claims of $11,000 were actually incurred during the year to honor their warranties. Required: What was the balance in the warranty liability account at the end of the year? sx Feedback Check My Wor debidor credit Using a T-account, put down the beginning balance-making sure you know whether the beginning balance is a debitor credit Include a debit and/or credit for any transactions that would affect the account during the year. MBO OBW