Sahara Corporation bought seasonal merchandise inventory from Calais Distributors Inc. by signing a $$8,700,6\%,60-$day note dated November $13,2022.$

& $3.$ Dec $31--$ In $2022,$ Sahara Corporation had sales of $$67,400.$ The cost of the merchandise sold was $$43,810.$ Record the sales and cost of sales in two separate entries. Assume that all sales were on account.

Dec $31--$ Recorded the adjusting entry to recognize the estimated warranty expense associated with the $2022$ sales. Sahara simply replaces defective items returned by customers with new items from inventory. Estimated that warranty expense will be $8\%$ of sales.

Dec $31--$ Recorded the adjusting entry for accrued interest on the note.

Jan $7--$ Replaced an item under warranty for a customer. The cost of the replacment was $$41.$

Jan $12--$ Paid the maturity value of the note due Calais Distributors Inc..