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COIIege Accounting Theory and Practice II - ACC 2004 Q 2 A company sells its product subject to a warranty that covers the cost of parts and labour for repairs during the six months after sale. Warranty costs are estimated to be 4.5% of sales for parts, and 1.5% of sales for labour. During the month of June, the . company performed warranty work and used $8,000 worth of parts and Paid $4r000 '" wages for labour to do the warranty work. Sales for June amounted to $450,000- (1) What account should be debited for the $4,000 in labour? for June? 2 What should be the amount of estimated warranty expense ' . 3g If the Estimated Warranty Liability account had a $10,000 credit balance on May 31, what should be the account balance as of June 30