Journal entry worksheet Record the actual warranty expenditures. Note: Enter debits before credits. Journal entry worksheet Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90 -day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 4% of sales. Sales for the month of December are $580,000. Actual warranty expenditures in January of the following year were $22,000 Required: 1. Does this situation represent a contingent liability? 2. 8. 3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in the Warranty Liability account after the entries in Parts 2 and 3 ? Complete this question by entering your answers in the tabs below. Does this situation represent a contingent liability? Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells-with a 90 -day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 4% of sales Sales for the month of December are $580,000. Actual warranty expenditures in January of the following year were $22,000 Required: 1. Does this situation represent a contingent liability? 2. \& 3. Record the necessary entries in the Journal Entry Worksheet below 4. What is the balance in the Warranty Liability account after the entries in Parts 2 and 3 ? Complete this question by entering your onswers in the tabs below. What is the batance in the Warranty Liability account after the entries in Parts 2 and 3