Question (4 marks) UVW Limited (UVW) adjusted its Provision for Warranties on 30th June 203 so that it would be equal to 5% of sales. UVW Limited prepares its financial reports on 30th June 203. The sales for the year ended on 30th June 203 were $1280000. The opening balance of the Provision for Warranties was $37600. On 15th October 203, a successful claim for the warranty on faulty goods to the cost of $720 was made on UVW Limited. Required: a) Prepare the general journal entry on 30th June 203 to adjust the provision for warranties to the required level [2 Marks] ANSI/FR al. b) Record the payment of the warranty claim on 15th October 203 in the general journal [2 Marks] ANSWER b)