Instructions Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $860,000 for January. In Fel Required: A Joumalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. Refer to the Chart of Accounts for exact wording of account titles 8. On February 28, joumalize the entry to record the warranty work provided in February Refer to the Chart of Accounts for exact wording of account titles ated product warranty is 4% of sales. Assume that sales were $600,000 for January, in February, a customer received warranty repairs requiring $250 of parts and 505 of labor of the first month of the current fiscal year, to record the scored product account titles ork provided in February Refer to the Chart of Accounts for exact wording of A Joumalize the adjusting entry required at January 31, the end of the first month of the current fiscal year to record the scored product warranty Refer to the Chart of Accounts from PAGE 1 JOURNAL ACCOUNTING EQUATION DATE POST REF DEBIT CREDIT ASSETS LABUMIS EQUITY DESCRIPTION Adjusting Entries 2 1 B. On February 28, journalize the entry to record the warranty work provided in February. Refer to the Chart of Accounts for exact wording of account titles ACCOUNTING EC JOURNAL DEBIT POST. RET CREDIT ASSETS LIABILITIC DESCRIPTION DATE 1 2