Question: please provide working notes Hector Enterprises makes and sells clocks and provides a warranty on their product for its entire life. Experience estimates that 3%

please provide working notes

Hector Enterprises makes and sells clocks and provides a warranty on their product for its entire life. Experience estimates that 3% of clocks sold will be returned for replacement. The cost of a clock is $26. During 2023, total sales was $566,679 or 10,158 clocks sold at $55.79 each. On September 17, 2024, 28 clocks were replaced under warranty. The company has a December 31 year-end. REQUIRED: 1. Prepare the journal entry to record the estimated warranty for 2023 on December 31. 2. Prepare the journal entry to record the replacement of the clocks on September 17, 2024

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