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Answer the Question below Please BE13.15 (L02) Streep Factory provides a 2-year warranty...

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Accounting

Answer the Question below Please

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BE13.15 (L02) Streep Factory provides a 2-year warranty with one of its products which was first sold in 2019. Streep sold $1,000,000 of products subject to the warranty. Streep expects $125,000 of war- ranty costs over the next 2 years. In that year, Streep spent $70,000 servicing warranty claims. Prepare Streep's journal entry to record the sales (ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs

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