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McNight Industries completed the following transactions during 2016: Nov. 1 Made sales of $26,000. McNight estimates that warranty expense is 5% of sales. (Record only the war Dec. 31 Estimated vacation benefits expense to be $6,000 20 Paid $200 to satisfy warranty claims. 31 McNight expected to pay its employees a 6% bonus on net income after deducting the bonus. Net inc Journalize the transactions (explanations are not required). (Record debits first, then credits. Exclude explanations t IIL Nov. 20: Paid $200 to satisfy warranty claims. Date Accounts and Explanation Debit Credit Nov. 20 Dec. 31: Estimated vacation benefits expense to be $6,000. Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later