Sheffield Corp. provides at no extra charge a two-year warranty with one of its products, which was first sold in 2023 . In that year, Sheffield sold products for $2.71 million and spent $61,100 servicing warranty claims. At year end, Sheffield estimates that an additional $504,800 will be spent in the future to service warranty claims related to the 2023 sales. Prepare Sheffield's journal entries to record the sale of the products, the $61,100 expenditure, and the December 31 adjusting entry under the assurance-type warranty approach. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)