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 8% of sales will require warranty service. An Albany area dealer made sales during 2020 totaling $679,000. The company received cash for 10% of the sales and notes receivable for the remainder. Warranty payments for 2020 totaled $33,000, of which wages accounted for 78% 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 $1,900 on January 1, 2020. Date Description Debit Credit Debit Credit Double line Double line Date Description Debit Credit Cash 67,900 Notes Receivable 611,100 Sales Revenue 679,000 Warranty Expense 54,320 Est. Warranty Payable 54,320 Est. Warranty Payable 33,000 Wages Payable 25,740 Supplies 7,260 Debit Credit 33,000 1,900 54,320 Double line Double line23,220