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Accrued Product Warranty A Wrinkle in Time Inc. warrants its products for one year....

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Accounting

Accrued Product Warranty
A Wrinkle in Time Inc. warrants its products for one year. The estimated product warranty is 7.5% of sales. Assume that sales were $737,000 for March. In April, a customer received warranty repairs requiring $35,929 of parts.
a. Determine the warranty liability at March 31, the end of the first month of the current fiscal year. Round your answer to the nearest dollar. $
b. What accounts are decreased for the warranty work provided in April?
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