S11-11 (similar to) Question Help Happy Trails guarantees its snowmobiles for three years. Company experience indicates that warranty casts will be approximately 5% of sales. Assume that the Happy Trails dealer in Colorado Springs made sales totating $450,000 during 2018. The company received cash for 50% of the sales and notes receivable for the remaindet . Warranty payments totaled $18,000 during 2018, Rand the requirements 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.) Begin with the entry to record the sales. (Prepare a single compound entry for this transaction.) Accounts and Explanation + Date Debit Credit 2016 ad tie oupalese sal Requirements soul 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. 2. Assume the Estimated Warranty Payable is $0 on January 1, 2018. Post the 2018 transactions to the Estimated Warranty Payable T-account. At the end of 2018, how much in Estimated Warranty Payable does the company owe? Print Done