n

Esplanade Outdoor Co. estimates that warranty expense will be 5% of sales. The current period's sales were $1,740,000. The entry to record the warranty expense is Warranty Expense 87,000 Estimated Warranty Liability 87,000 Estimated Warranty Liability 87,000 Cash 87,000 Warranty Expense 87,000 Sales 87,000 Estimated Warranty Liability 87,000 Warranty Expense 87,000 d Cheque #47 was written and recorded by the bank as $753. The business recorded the cheque as $735. It was a company error. This error would result in a decrease in general ledger balance. True False