Early in 2020, Whispering Equipment Company sold 500 Rollomatics at $6,100 each. During 2020, Whispering spent $22.000 servicing the 2-year assurance warranties that accompany the Rollomatic. All sales transactions are on a cash basis. (a) Your answer is correct Prepare 2020 entries for Whispering. Assume that Whispering estimates the total cost of servicing the warranties in the second year will be $38,000. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Soo At Sale 30 Sales Rew 23000 During 2020 Warranty Expert Carth. Suoplies Wagus Papable Your aviwer is correct Prepare 2020 entries for Whispering. Assume that Whispering estimates the total cost of servicing the warranties in the second year will be $38.000. (If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit At Sale 3050000 Steve During 2020 Warranty pene 22000 Cin Supplies Wakes Payable 35000 Dec 31, 2020 Warranty Expense Warranty ability e Textbook and Media (b) Prepare 2020 entries for Whispering assuming that the warranties are not an integral part of the sales service-type warranty. Assume that of the sales total, $61.000 relates to sales of warranty contracts. Warranty costs incurred in 2020 were $22.000 Estimate revenues to be recognized on a straight-line basis. (If no entry is required, select "No Entry for the account titles and enter for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 5 decimal places, es, 1.54657 answers to decimal places, s. 5,125 Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation To record warranty revenue)