Exercise 11-9 (similar to) Question Help The accounting records of Signature Cycle included the following at January 1, 2020: Estimated Warranty Payable January 1, 2020 24,800 In the past, Signature Cycle's warranty expense has been 5 percent of sales. During 2020, Signature Cycle made sales of $1,038,000 and paid $31,500 to satisfy warranty claims. Required 1. Record Signature Cycle's warranty expense and warranty payments during 2020. Explanations are not required. 2. What balance of Estimated Warranty Payable will Signature Cycle report on its balance sheet at December 31, 2020? Requirement 1. Record Signature Cycle's warranty expense and warranty payments during 2020. Explanations are not required. Journalize the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Accounts Payable Cash Estimated Warranty Payable Sales Revenue Sales Tax Payable Warranty Expense Choose from any list or enter any number in the input fields and then click Check