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In: AccountingApplebee sells speakers with a 6 month manufacturer’s warranty.At the time of purchase, customers also...Applebee sells speakers with a 6 month manufacturer’s warranty.At the time of purchase, customers also have an opportunity to buyan extended 1 year warranty. In Year 1 Applebee sold $40,000 ofspeakers and $12,000 of extended warranties. All sales are creditsales and sales occurred evenly during the year. Applebee is acalendar year entity that records AJE’s and produces financialstatements only at year-end.Make a summary JE to record Year 1 sales.Make the related AJE needed at the end of Year 1.Please show all work for calculations. Thank you.
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