Question - On September 11, 2016, Home Store sells a mower for $430 cash with a one-year warranty that covers parts. Warranty expense is estimated at 10% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $30 in materials taken from the Repair Parts Inventory.
Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty repairs.