eBook! Het Print References 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 5% of sales. Sales for the month of December are $420,000. Actual warranty expenditures in January of the following year were $14,000. Required: 1. Does this situation represent a contingent liability? 2. & 3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in the Warranty Liability account after the entries in Parts 2 and 3? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Does this situation represent a contingent liability? Does this situation represent a contingent liability? 6 8.35 points Saved 2. & 3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in the Warranty Liability account after the entries in Parts 2 and 3? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and Req 4 eflook Hint Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, sele Journal Entry Required" in the first account field.) Print References View transaction list Mc Graw Hill RESEARCH doe Journal entry worksheet 1 2 Record the contingent liability for warranties. Note: Enter debits before credits Transaction General Journal Debit Credit < Prev 6 of 6 Next > 6 35 oints eBook Hint Print References 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 5% of sales. Sales for the month of December are $420,000. Actual warranty expenditures in January of the following year were $14,000. Required: 1. Does this situation represent a contingent liability? 2. & 3. Record the necessary entrids in the Journal Entry Worksheet below. 4. What is the balance in the Warranty Liability account after the entries in Parts 2 and 3? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 What is the balance in the Warranty Liability account after the entries in Parts 2 and 37 Warranty Liability