Prepare the necessary journal entries related to contingencies. During the month of March, Jet Inc sold 2,000 units of product. Each product carries a one- year warranty against defects. Jet Inc estimates that 5% of products will require repairs under the warranty period, with an average cost of repairs of $10. Record the estimated warranty reserve for the month of March. journal entry Accounts Debits Credits [ Select ] Select] [ Select ] [ Select ] On April 3, Jet paid $400 to have 11 units of product repaired pursuant to the terms of their product warranty. Record the entry for the repairs. journal entry Accounts Debits Credits [Select] [ Select ] [ Select [ Select ]