Accrued Product Warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $348,000 for January. On February 7 , a customer recelved warranty repairs requiring $140 of parts and $70 of labor. a. Journalize the adjusting entry required at January 31 , the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank. T Check My Work The accrued product warranty amount is recorded in the same period in which the sale is recorded, therefore following the matching concept