4. On June 1, Lucy Co. accepted $50,000 for work to be completed at a future date. As of August 1 they have completed 40% of the work. Record the June 1 and August 1 transactions Date Accounts Ref. Debit Credit 5. Madison sold 3000 generators at a cost of $500 each. Each generator comes with a 1 year warranty. Madison has estimated that 4.5% of the generators will be defective. They have estimated repairs at $50 per generator. 1 Journalize the sale (8.5% sales tax) and the estimated warranty liability Date Accounts Debit Credit Ref. Date Accounts Ref. Debit Credit