The accounting records of Carmen Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expense Beg bal 5,500 104,000 In the past, Carmen's warranty expense has been 8% of sales. During the current period, the business paid $7,500 to satisfy the warranty claims. Read the requirements Requirement 1. Journalize Carmen's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. Start by journalizing the warranty expense. (Record debits first, then credits. Exclude explanations from joumal entries.) Journal Entry Date Accounts Debit Credit Now journalize the warranty payments. Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ? The accounting records of Carmen Appliances included the following balances at the end of the period: i Requirements Accrued Warranty Payable Sales Revenue Warranty Expense Beg bal 5.500 104,000 In the past, Carmen's warranty expense has been 8% of sales. During the current period, the business paid $7,500 to satisfy the warranty claims. Read the requirements 1. Joumalize Carmen's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Carmen will report on its income statement and balance sheet for this situation at the end of the period. 3. Which data item from requirement 2 will affect the current ratio? Will Carmen's current ratio increase or decrease due to this item? Now journalize the warranty payments, Journal Entry Accounts Date Debit Credit Print Done Requirement 2. Show what Carmen will report on its income statement and balance sheet for this situation at the end of the period. (If an input field is not used in the statement, leave the field empty; do not select a label or enter a zero.) Begin by showing what the company would report on its income statement at the end of the period. Income Statement Choose from any list or enter any number in the input fields and then continue to the next question. ? The accounting records of Carmen Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expenses Beg bal 5,500 104,000 In the past, Carmen's warranty expense has been 8% of sales. During the current period, the business paid $7,500 to satisfy the warranty claims. Read the requirements Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Carmen's current ratio Increase or decrease due to this item? Which data itern from Requirement 2 will affect Carmen's current ratio? Will Carmen's current ratio increase decrease as a result of an increase in this item? V Choose from any list or enter any number in the input fields and then continue to the next question. ? The accounting records of Carmen Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expenses Beg bal 5,500 104,000 In the past, Carmen's warranty expense has been 8% of sales. During the current period, the business paid $7,500 to satisfy the warranty claims. Read the requirements Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Carmen's current ratio Increase or decrease due to this item? Which data itern from Requirement 2 will affect Carmen's current ratio? Will Carmen's current ratio increase decrease as a result of an increa Accrued warranty payable Sales revenue Choose from any list or enter any number in the input fields and the ? Warranty expense