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Hardin Widget Manufacturing began operations in January 2024. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that

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Hardin Widget Manufacturing began operations in January 2024. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that 1% of the widgets will require repair during the first year of the warranty while approximately 5% will require repair during the second year of the warranty. The widgets sell for $400 each. The average cost to repair a widget is $50. The company sells 60% of the widgets to retail customers who must pay a 6% sales tax. Sales and warranty information for 2024 and 2025 are as follows: 2024: Sold 150 widgets on account; incurred warranty expenditures of $250 for widget repairs. 2025: Sold 250 widgets on account; actual payments for warranty expenditures were $450. Required: 1. Prepare journal entries that summarize the sales and any aspects of the warranty for 2024. 2. Prepare journal entries that summarize the sales and any aspects of the warranty for 2025. Complete this question by entering your answers in the tabs below. Prepare journal entries that summarize the sales and any aspects of the warranty for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry for summarize the sales for 2024. Note: Enter debits before credits. Prepare journal entries that summarize the sales and any aspects of the warranty for 2025 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry for summarize the sales for 2025. Note: Enter debits before credits

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