The accounting records of Jim's Appliances included the following balances at the end of the period: Sales Revenue Warranty Expense Accrued Warranty Payable Beg bal 3,000 108,000 In the past, Jim's warranty expense has been 9% of sales. During the current period, the business paid $7,000 to satisfy the warranty claims. Read the requirements. Crir Requirement 1. Journalize Jim'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 journal entries.) Journal Entry Date Accounts Debit Credit Requirements Requirements hatic 1. Journalize Jim's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Jim's 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 Jim's current ratio increase or decrease due to this item? Print Done