please help

Chapter 8 Horizon sells new cell phones that they warranty against defects for one year. Horizon estimates 3% of Sales will be the cost of making good on the warranty Horizon sales for the year is estimated to be $500,000. During the year, Horizon paid $5,000 to fix the bad cell phones under the warranty agreement. Prepare the entry to record the payment to fix the phones, Check: Warranty Liability will be debited for $5,000