Try another version of this question Catskills Connectors sell industrial equipment to an array of business and suppliers. Catskills Connectors provides a guarantee on its equipment for 3 years. Company experience indicates that 7% of sales will require warranty service. An Albany area dealer made sales during 2020 totaling $716,000. The company received cash for 12% of the sales and notes receivable for the remainder. Warranty payments for 2020 totaled $33,000, of which wages accounted for 81% of the costs and supplies for the remainder. 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. 2. Post to the Estimated Warranty Payable T account. At the end of 2020, how much in Estimated Warranty Payable does the company owe? Assume the Estimated Warranty Payable is $2,000 on January 1, 2020. Date Description Debit Credit Debit Credit Double line Double line Date Description Debit Credit Cash 85,920 Notes Receivable 630,080 Sales Revenue 716,000 Warranty Expense 50,120 Est. Warranty Payable 50,120 Est. Warranty Payable 33,000 Wages Payable 26,730 Supplies 6,270 Debit Credit 33,000 2,000 50,120 Double line Double line19,120