Estimated Warranty Liability Savory Co. sold $485,000 of consumer electronics during July under a one-year warranty. The cost to repair defects under the warranty is estimated at 5.5% of the sales price. On November 11, a customer was given $310 cash under terms of the warranty. Required: a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 Fendback Theck My work Contingemt lablsy entries are needed when the amount can be reasonably estimated and the labily is probable. Recorded controent liabistes foliow the matching concept Contingent labilities are an acorued expense adjusting entry b. Provide the journal entry for the November 11 cath payment. If an amount box does not require an entry, leave it blank. Nov. r check My Work What resources is the company using to satisfy the warranty