Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 6% of sales. Sales for the month of December are $470,000. Actual warranty expenditures in January of the following year were $16,500. Required: 1. Record warranty expense and warranty liability for the month of December based on 6% of sales. 2. Record the payment of the actual warranty expenditures of $16,500 in January of the following year. Record warranty expense and warranty liability for the month of December based on 6% of sales. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet Note: Enter debits before credits