ABC Company offers a 1 - year warranty on its products. The estimated product warranty is 5% of sales. Assume that sales were $1,300,000 for January. In February , a customer received warranty repairs requiring $225 of parts and $115 of labor. Instructions: a) Prepare the adjusting entry at January 31, to record the accrued product warranty. b) Prepare the journal entry to record the warranty work provided in February.