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  3. weyburn general store has a may 31,2023 year-end.

Weyburn General Store has a May 31,2023 year-end. The company sells clocks and provides a...

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Accounting

Weyburn General Store has a May 31,2023 year-end. The company sells clocks and provides a lifetime warranty on their product. Past experience suggests that 3% of clocks sold will be returned for replacement. The estimated replacement cost of a clock is $42.08. During the year, the total sales for the company was $728,018 or 8,823 clocks sold at $82.51 per unit. On July 17,2023,22 clocks were returned and replaced under warranty at a total cost of $1,471.96. The returned items were unusable and thus discarded. Provide the general journal entry to record the estimated warranty expense at year-end, and the journal entry to record the returned/replaced items. Show all calculations
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