The accounting records of Water's Appliances included the following balances at the end of the beriod: In the past, Water's warranty expense has been. 6% of sales. During the current period, the business paid $5,000 to satisfy the warranty claims: Read the regulements. Requirement 1. Journalize Water's warranty expense for the period and the company's cash peyments to satisty warranty claims. Explanations are no required Start by journalizing the warranty expense. (Record debts figt. then credts. Exclude exchanations thom journal entrest) requirement 2. Show what Waters will report on its income statement and bytance sheet for this stciacon at ine end of the penod it an invut field is not used in the staternent, leave the field empty, do not select a tabel or eater a zeso, Begin by showing what the consaany would report on ts incorre starement at the end of the period Now show what the company would repont on as batance sheyt at the end of the period. Which data tecn theen finquirement 2 wat abect Waters curtent ratio? Wei Walery cuirent ratis hrease or decrease as a retut of an inceate in fis term