On September 11, 2007, Lawn Outfitters sells a mower for $500 with a one-year warranty that covers

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On September 11, 2007, Lawn Outfitters sells a mower for $500 with a one-year warranty that covers parts. Warranty expense is estimated at 5% of sales. On July 24, 2008, the mower is brought in for repairs covered under the warranty requiring $55 in materials taken from the Repair Parts Inventory. Prepare the July 24, 2008, entry to record the warranty repairs.

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