Question:

Cullumber Company began selling game consoles on November 1, 2021. The company offers a 75-day warranty for defective merchandise. Based on past experience with other similar products, Cullumber estimates that 1.80% of the units sold will become defective in the warranty period, and that the average cost of replacing or repairing a defective unit is $20. In November, Cullumber sold 46,000 units and 570 defective units were returned. In December, Cullumber sold 49,000 units. and 400 defective units were returned. The actual cost of replacing the defective units was $19,400.

Answer this one, please!!!!

Prepare a journal entry to accrue for the estimated warranty costs for the November and December sales at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Warranty Expense 34200 Warranty Liability 34200 (To accrue warranty expense.) e Textbook and Media List of Accounts Attempts: 2 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (b) Prepare one summary journal entry at December 31, 2021, to record the cost of replacing the defective game consoles returned during November and December. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record honouring warranty contracts.) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2