S11-11 (similar to) Question Help Calskills Corrector guarantees ils snowmobiles for three years. Compariy experience indicates that warranty costs will be approximately 4% of sales. Assume that the Catskills dealer in Colorado Springs made sales totaling $750,000 during 2016. The company received cash for 20% of the sales and notes receivable for the remainder. Warranty payments totaled $23,000 during 2016. Requirements 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. 2. Post to the Estimated Warranty Payable T-account. At the end of 2016, how much in Estimated Warranty Payable does the company owe? Assure the Estimated Warranty Payable is $0 on January 1, 2016. Requirement 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Bagin with the entry to record the sales. (Prepare a single compound entry for this transaction.) Accounts and Explanation Debit Date Credit 2016 Choose from any list or enter any number in the input fields and then click Check Answer. 2 parts 3 remaining Clear All Check