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Sierra guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 5% of sales. Assume that the Sierra dealer in Colorado Springs made sales totaling $550,000 during 2018. The company received cash for 50% of the sales and notes receivable for the remainder. Warranty payments totaled $25,000 during 2018. Read the requirements Requirement 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin with the entry to record the sales. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit 2018 Cash Notes Receivable Sales Revenue 550,000 To record sales for 2018