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Ozols Industries completed the following transactions during 2019:
October 1 Made sales of $30,000 Ozols Industries estimates the warranty expense is 2% of sales. (Record only the warranty expense.)
November 20 Paid $1,400 to satisfy warranty claims.
December 31 Estimated vacation benefits expense to be $4,400.
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 600 Oct. 1 Est. Warranty Payable 600 Nov. 20 Est. Warranty Payable 1,400 Nov. 20 Cash 1,400 Dec. 31 Vacation Benefits Expense 4,400 Dec. 31 Vacation Benefits Payable 4,400