Requirements 1. Journalize Rustic Tools' sales, warranty expense, and cash payments made to satisfy warranty claims during 2018. Explanations are not required. Ignore cost of goods sold. 2. What balance of Estimated warranty payable will Rustic Tools report on its balance sheet at December 31, 2018? What amount of warranty expense will Rustic Tools report on its income statement for the year ended December 31, 2018? The accounting records of Rustic Tools showed a balance of $5,000 in Estimated warranty payable at December 31, 2017. In the past, Rustic Tools' warranty expense has been 2 percent of sales. During 2018, Rustic Tools made sales of $358,000 on account and paid $9,000 to satisfy warranty claims. Read the requirements. Requirement 1. Journalize Rustic Tools' sales, warranty expense, and cash payments made to satisfy warranty claims during 2018. Explanations are not required. Ignore cost of goods sold. (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize Rustic Tools' sales. Ignore cost of goods sold. Journal Entry Accounts Date Debit Credit Journalize the warranty expense. Journal Entry Date Accounts Debit Credit Journalize the warranty payments. Journal Entry Date Accounts Debit Credit Requirement 2. What balance of Estimated warranty payable will Rustic Tools report on its balance sheet at December 31, 2018? What amount of warranty expense will Rustic Tools report on its income statement for the year ended December 31, 2018? Use the T-account to determine the ending balance for the Estimated warranty payable account that Rustic Tools will report on its balance sheet at December 31, 2018. Select the appropriate description as a posting reference for each amount you enter into the T-account. Estimated warranty payable Beg bal 5,000 What amount of warranty expense will Rustic Tools report on its income statement for the year ended December 31, 2018? The company will report $ of warranty expense on its income statement. Choose from any list or enter any number in the input fields and then continue to the next