1. Argo Computers Inc. restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it s

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1.       Argo Computers Inc. restores and resells notebook computers.  It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells with a 90-day warranty against defects.  Based on previous experience, Argo Computers Inc. expects warranty costs to be approximately 2% of sales.  Sales for the month of December are $500,000.  Actual warranty expenditures in January of the following year were $5,000.

a.       Record the estimated warranties for the month of December.

b.      Record the payment of the actual warranty expenditures of $5,000 in January of the following year.

c.       What is the balance in the Warranty Liability account after the entries in a. and b.?

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