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Must Buy sells electronic items to its customers. In a particular year, the sales were...

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Accounting

Must Buy sells electronic items to its customers. In a particular year, the sales were $290,000.
It also sold product warranties (on a 2 year warranty) which amount to 8% of product sales.
As it sells quality products, not many customers come back for repairs. So, it allocates
only $8,000 per year toards repair costs. Must Buy spent Rs.840 in the first year and
$395 in the second year on warranty repairs.
Please prepare all necessary entries to record the transactions in both years

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