4) Record joumal entries for the following transactions for Sampson Company. Sampson uses a perpetual inventory system. Nov. 1 Purchased merchandise on account from County Suppliers, $2,000, terms n/30. 15 Purchased merchandise from Shuping Wholesalers, $5,000, by issuing a 60 -day, 12% note. 30 Paid the amount due to County Suppliers. Dec. 1 Gave a 90-day, $25,000,12% note to the FP Bank for a cash loan. Dec. 31 Recorded any necessary adjusting entries. 5) Western Yard Equipment offers warranties on all their lawn mowers. They estimate warranty expense at 1.4% of sales. At the beginning of 2023 , the estimated warranty payable account had a credit balance of $1,200. During the year, Western Yard Equipment had $485,000 of sales, and had to pay out $8,730 in warranty payments. Required: 1. Prepare the required journal entries to record warranty expense and payments. Use December 31 for the joumal entry date. 2. What is the balance of the warranty liability at the end of 2023? Indicate whether the balance is a