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The accounting records of Carmine's Appliances included the following balances at the end of the...

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The accounting records of Carmine's Appliances included the following balances at the end of the period Accrued Warranty Payable Sales Revenue Warranty Expense |Bogbal 2,000 114,000 In the past, Carmine's warranty expense has been 9% of sales. During the current period, the business paid $4,000 to satisty the warranty claims Read the requirements Requirement 1. Journalize Carmine's warranty expenso for the period and the company's cash payments to satisty warranty claims Explanations are not require Start by journalizing the warranty expenso (Record debits first, then credits. Exclude explanations from journal entrios) Journal Entry Date Accounts Credit Debit Explan ty exc Requirements A 1. Journalize Carmine's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Carmine's will report on its income statement and balance sheet for this situation at the end of the period. 3. Which data item from requirement 2 will affect the current ratio? Will Carmine's current ratio increase or decrease due to this item? Print Done Debit Cre Accounts Accounts Payable Accrued Warranty Payable Cash Sales Revenue Sales Tax Payable Warranty Expense

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