Casper Yard Equipment offers warranties on all its lawn mowers. It estimates warranty expense at 2.2 percent of sales. At the beginning of 2019, the Estimated Warranty Payable account had a credit balance of $3,200. During the year, Casper Yard Equipment had $700,000 of sales and had to pay out $9,500 in warranty payments for repairs. 1. Prepare the required journal entries to record warranty expense and payments. Use December 31 for the journal entry date. 2. What is the balance of the warranty liability at the end of 2019? Indicate whether the balance is a debit or a credit. Requirement 1. Prepare the required journal entries to record warranty expense and payments. Use December 31 for the journal entry date. Begin by recording the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) Dec. Date 2019 31 General Journal Accounts Next, record the warranty payments. Date Dec. 31 Debit Credit General Journal Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Casper Yard Equipment offers warranties on all its lawn mowers. It estimates warranty expense at 2.2 percent of sales. At the beginning of 2019, the Estimated Warranty Payable account had a credit balance of $3,200. During the year, Casper Yard Equipment had $700,000 of sales and had to pay out $9,500 in warranty payments for repairs. 1. Prepare the required journal entries to record warranty expense and payments. Use December 31 for the journal entry date. 2. What is the balance of the warranty liability at the end of 2019? Indicate whether the balance is a debit or a credit. 2019 Dec. 31 Next, record the warranty payments. Dec. Date 31 General Journal Accounts Debit Credit Requirement 2. What is the balance of the warranty liability at the end of 2019? Indicate whether the balance is a debit or a credit. The balance of Estimated Warranty Payable at December 31, 2019 is S Choose from any list or enter any number in the input fields and then continue to the next question. Screenshot saved The screenshot was added to your OneDrive. OneDrive