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During June, Vixen Company sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 3% of the selling

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During June, Vixen Company sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 3% of the selling price. Customers returned $14,000 of merchandise for warranty replacement during the month. The entry to record the estimated warranty liability at the end of the month is 1 0 Debit Warranty Expense $25,500 credit Estimated Warranty Liability 525 500 0 Debit Warranty Expense $11.500,Credit Estimated Warranty aby $11.500 0 Dobit Warranty Experts $14,000.Credit Estimated Warranty Litty $14.000 0 O Debit Estimated Warranty Liability $14,000 credit Warranty Expense $14,000 0 Debit Estimated Warranty Liability 511500, credit Warranty Expense $11500

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