Exercise 11-05 - onia Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Bonita estimates that 4% of the units sold will become defective during the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is $20. The units sold and units defective that occurred during the last 2 months of 2020 are as follows. Month Units sold Units Detective Prior to December 31 November 37,200 744 December 39,200 490 Your answer is partially correct. Try again. Prepare the journal entry to record the costs incurred in honoring 1,234 warranty dalms. (Assume actual costs of $24,680.) (Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) Account Tides and Explanation Debit Credit Warranty Expense Warranty ability (To record honoring of warranty contracts) Your answer is partially correct. Try again. Prepare the journal entry to record the warranty liability at December 31 for the units sold in November and December. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Tities and Explanation Credit Debit 24680 Warranty buty Prepare the journal entry to record the warranty ability at December 31 for the units sold in November and December (Credit account amount is entered. Do not indent medy) m eally Indented when Account Titles and Explanation Debit Warranty aby ol Your answer is partly correct. Try again Give the entry to record the honoring of 500 warranty contracts in vary at a ge cost of 20. (Cred accountries are automatically indented hecount Tities and Explanation W anty Expenge Question Attempt 1 of 3 usedSAVE FOR LATER LATER SUBMIT ANSWER MacBook E / R un