Part 3 (7 marks) At 30 June 2019, Winsome Ltd adjusted its Provision for Warranties so that it would be equal to 5% of sales for the year ending on that date. Sales for the year ended 30 June 2019 were $1 325 500 and the Provision for Warranties before the adjustment was $39 750. On 15 July, 2019 a successful claim for warranty on faulty goods at a cost of $790 was made on the company. Required 1 A. B. Prepare the general journal entry at 30 June 2019 to adjust the Provision for Warranties account to the required level. (3 marks) Record the payment of the warranty claim on 15 July 2019 in general journal format. (2 marks) Why would a company wish to establish a 'Provison for Warranty' on the sale of inventory? (2 marks) A