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The accounting records of Fired Up Ceramics included the following at January 1, 2016: Estimated Warranty Payable 5,000 Beg Bal In the past, Fired Up's warranty expense has been 9% of sales. During 2016, Fired Up made sales of $142,000 and paid $4,000 to satisfy warranty claims. Requirements 1. Joumalize Fired Up's warranty expense and warranty payments during 2016. Explanations are not required 2. What balance of Estimated Warranty Payable will Fired Up report on its balance sheet at December 31, 2016? Requirement 1. Journalize Fired Up's warranty expense and warranty payments during 2016. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries) Joumalize the warranty expense, Date Accounts and Explanation 2016 Debit Credit Journalize the warranty payments Date Accounts and Explanation Debit Credit 2016 Requirement 2. What balance of Estimated Warranty Payable will Fired Up report on its balance sheet at December 31, 2016? Use the T-account to determine the ending balance for the Estimated Warranty Payable account. Use an "End. Bal" posting reference to show the ending balance of the account. The beginning balance (Beg. Bal.) has been entered for you. Estimated Warranty Payable 15,000 Bog. Bal

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