matthews corporation warrants its products for two years. the estimated product warranty is 5% of sales. assume that sales were $2,500,000 for 2011. in may of 2012, a customer received warranty repairs requiring $1,185 of parts and $250 of labor. (4 points) required: (1) journalize the adjusting entry required at december 31, 2011 to record the accrued product warranty. (2) journalize the entry to record the warranty work provided in may of 2012.