Estimated Warranty Lability Gupta Industries sold $436,000 of consumer electronics during July under a nine-month warranty. The cost to repalr defects under the warranty is estimated at 4.5% of the sales price. On November 11 , a customer was given $480 cash under terms of the warranty. Required: a. Provide the journal entry for the estimated warr

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Estimated Warranty Lability Gupta Industries sold

$436, 000

of consumer electronics during July under a nine-month warranty. The cost to repalr defects under the warranty is estimated at

4.5%

of the sales price. On November 11 , a customer was given

$480

cash under terms of the warranty. Required: a. Provide the journal entry for the estimated warranty expense on July 31 for July sales. If an amount box does not require an entry, leave it blank. July 31 b. Provide the journal entry for the November 11 cash payment. If an amount box does not require an entry, leave it blank. Nov, 11

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