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Ozols Industries completed the following transactions during 2019:
October 1 Made sales of $36,000 Ozols Industries estimates the warranty expense is 6% of sales. (Record only the warranty expense.)
November 20 Paid $1,100 to satisfy warranty claims.
December 31 Estimated vacation benefits expense to be $4,700.
Journalize the entries required.
Date Description Debit Credit Oct. 1 Oct. 1 Nov. 20 Nov. 20 Dec. 31 Dec. 31 Date Description Debit Credit Oct. 1 Warranty Expense 2,160 Oct. 1 Est. Warranty Payable 2,160 Nov. 20 Est. Warranty Payable 1,100 Nov. 20 Cash 1,100 Dec. 31 Vacation Benefits Expense 4,700 Dec. 31 Vacation Benefits Payable 4,700