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 4% of sales Sales for the month of December are $430,000. Actual warranty expenditures in January of the following year were $14,500 4. What is the balance in the Warranty Liability account after the entries in Part 2 and 3? Warranty Liability ces 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 4% of sales. Sales for the month of December are $430,000. Actual warranty expenditures in January of the following year were $14,500. 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.) View transaction list Journal entry worksheet 2 Record the contingent liability for warranties. Note: Enter debts before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 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 4% of sales. Sales for the month of December are $430,000. Actual warranty expenditures in January of the following year were $14,500. 2. & 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transection/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the actual warranty expenditures. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal 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 4% of sales Sales for the month of December are $430,000. Actual warranty expenditures in January of the following year were $14,500 4. What is the balance in the Warranty Liability account after the entries in Part 2 and 3? Warranty Liability