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Below information is available from an electronics manufacturing co. for a particular year Product...

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Accounting

Below information is available from an electronics manufacturing co. for a particular year
Product sales
185,000
Warranty sales are 8% of product sales, warranty is for three years
Provide 85% of the warranty revenue as repair costs.
Actual expenses for warranty repairs incurred were:
\table[[year 1,3,790],[year 2,7,140],[year 3,2,040]]
The opening balance in tiability for Warranty Repairs is $340.
Provide all necessary entries for all three years and also find the closing balance in the Liability for Warranty Repairs account.
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