! Required information [The following information applies to the questions displayed below.) Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects. Based on previous experience, Computer Wholesalers expects Warranty costs to be approximately 6% of sales. Sales for the month of December are $540,000. Actual warranty expenditures in January of the following year were $20,000 2. & 3. Record the necessary entries in the Journal Entry Worksheet below. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Credit General Journal Transaction Debit 27,000 1 1 Warranty Expense Warranty Liability lo 20,000 20,000 2 2 Warranty Liability Cash 30 540,000