Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $295,000 for January. In February, a customer received warranty repairs requiring $330 of parts and $105 of labor. For a compound transaction, if 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 fiscal year, to record the accrued product warranty. Product Warranty, Expense Product Warranty Payable b. Journalize the entry to record the warranty work provided in February Product Warranty Payable Supplies Wages Payable Vaps Dashboard Violet Inc. (in millions) Magenta, Inc. (in millions) Current assets: $5,998 $22,705 3,867 0 Cash and cash equivalents Short-term investments Accounts receivable Inventories Other current assets 2,619 16,441 249 1.566 1.372 6,655 Total current assets $14,095 $47,367 Current liabilities $4,722 $10,042 Accounts payable Accrued and other current bites Total current liabilities 4.188 6,978 58,910 $17,020 "These represent prepaid expense and other nonquick current assets a. Determine the quick ratio for both companies. If required, round your answers to be decimal ac Oeck My Work Current liabilities: Accounts payable $4,722 $10,042 Accrued and other current liabilities 4,188 6,978 Total current liabilities $8,910 $17,020 *These represent prepaid expense and other nonquick current assets. a. Determine the quick ratio for both companies. If required, round your answers to one decimal place. Quick Ratio Violet Inc.: Magenta, Inc. b. Which company has a stronger relative cash and short-term investment position? Check My Work board Entries for notes payable Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize Cosimo Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity 1. 2. b. Journalize Dixon Industries' entries to recordi 1. the receipt of the note. 2. the receipt of the payment of the note at maturity 1. b. Journalize Dixon Induspries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2. II Jl. Check My Work