Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $344,000 for January. In February, customer received warranty repairs requiring $205 of parts and $85 of labor. For a compound transaction, F an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at January 31, the end of the first month of the current local year, to record the accrued product warranty Product Warranty Expense Product Warranty Payable toes w we The accrued product warranty amount is recorded in the same period in which the sales recorded, therefore folowing the acting concept b. Journaline the entry to record the warranty work provided in February Product Warranty Payable Supplies Wages Payable