5. 'No Rust' car sales provides a one-year labour and parts warranty with every car sold. It is expected that 1000 cars will be sold for the year. Past records show that about 8% of cars require warranty repairs at an average cost of $200 per car. What is the accounting entry to record the expected warranty expense for the year? No entry is required B Debit provision for warranties $16 000; credit warranty expense $16.000 Debit provision for warranties $16.000; credit bank $16 000 Debit warranty expense $16 000; credit provision for warranties $16000 equired to answer ALL questions. Question 1: There are two parts to this question (Questions 1A & 1B) Question 1A I At 30 June 2017, Thompson Computer adjusted its Provision for Warranties so that it would be equal to 3% of sales for the year ended on that date. Sales for the year ended 30 June 2017 were $1,000,000 and the Provision for Warranties before the adjustment was $20,000. Required Prepare the general journal entry at 30 June 2017 to adjust the Provision for Warranties to: the required level. Please show your workings. (4 marks)