Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4.5% of the sales price. On November 11 , a customer was given $220 cash under terms of the warranty. a. Journalize the entry to record the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. Feedback V Check My Work Contingent liability entries are needed when the amount can be reasonably estimated and the liability is probable. Recorded contingent liabilities follow the matching concept. Contingent liabilities are an accrued expense adjusting entry