In 2019, Lee Electronics, a franchise of electronics stores located in small towns throughout the United States, sold 590 32- inch televisions for $630 each. The televisions carry an attached 3-year warranty for repairs. Lee Electronics estimates that repair costs will average 4% of the total selling price. Required: 1. How much is recorded in the Warranty Liability account as a result of selling the televisions during 2019, assuming no warranty service has yet been performed? 371,700 X estimated warranty liability Feedback Check My Work 1. Warranty expense should be matched with the revenues it helped generate. As such, future warranty costs represent an obligation 2. Provide the necessary adjusting entry at December 31, 2019. Dec. 31 Warranty Expense 14.868 Warranty Liability 14,868 (Record warranty expense) Feedback Check My Work 2. Warranty expense should be matched with the revenues it helped generate. As such, future warranty costs represent an obligation Check My Work 2 more Check My Work uses remaining Previous Next >