Describe the transaction of each of the following journal entries. (Total: 12 pts) Credit Date No 1 Debit 7,000 Aug 16 General Journal Cash Sales 7,000 3,500 2 Aug 16 Cost of Goods Sold Merchandise Inventory 3,500 350 3 Dec 31 Warranty Expense Estimated warranty liability 350 67.925 Dec 31 Employee bonus expense Bonus payable 67,925 137 5 Jan 05 Estimated warranty liability Repair parts Inventory 1371 67.925) 6 Jan 19 Bonus payable Cash 67.925