Lue product warranty Instructigns Chart of Accounts Journal Instructions Fosters Manufacturing Co warrants its products for one year. The estimated product warranty is 8% of sales. Assume that sales were $500,000 for January On February 7, a customer received warranty repairs requiring $260 of parts and $70 of labor. 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. b. Journalize the entry to record the warranty work provided in February. Refer to the Chart of Accounts for exact wording of account titles Journal Scroll down to access page 2 of the journal 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. Pofer to the Accounts for exact wording of account titles. JOURNAL ACCOUNTING EQU DEBIT POST REF CREDIT DATE ASSET LIABILITIES DESCRIPTION Adjusting Entries 1 2 3 b. On February 7, Journalize the entry to record the warranty work provided in FebruaryRefer to the Chart of Accounts for exact wording of account titles. ACCOUNTING EQU JOURNAL LUBILITIES ASSETS CREDIT DEBIT POST. REF. DESCRIPTION DATE 1 2 3