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Monty Company sells televisions at an average price of $939 and also offers to each customer a separate 3-year warranty contract for $87 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 321 televisions and 261 warranty contracts for cash. It estimates the 3-year warranty costs as $20 for parts and $30 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty revenues occurs. Part 1 Record any necessary journal entries in 2020. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. account titles are automatically indentd when amount is enterd Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: O of 15 used Submit Answer