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During 2020 Jones sells products that carry a one-year manufacturer’s warranty. Jones sold 2,000 units this...

During 2020 Jones sells products that carry a one-year manufacturer’s warranty. Jones sold 2,000 units this year for $2,000 each. For this year’s sales, Jones estimates one year warranty costs to be 11% of sales. Jones incurred $55,000 servicing the one year warranty. Record all the necessary journal entries in 2020 AND show the balance sheet and income statement presentation

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