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on May 1 2020, ABC co. Started merchandising business. ABC sells product with a 3 month warranty . Management estimates that the average cost of repairing a defective unit is $ 16 . The manufacturer of product has advised ABC to expect warranty costs to equal 10 % of dollar sales . Journalize the following transactions. May 15 Sold So units for $4,000 cash. june 12 Sold 20 units for $ 1,600 Cash. june 30 Estimated liability for warranties related to May and june sales. July 10 Repaired 10 products that were received under the warranty claim