Franconia Sales offers warranties on all their electronic goods. Warranty expense is estimated at 2% of sales revenue. In 2014, Franconia had $500,000 of sales. In the same year, Franconia paid out $7,500 of warranty payments. Please provide the journal entry to record the warranty expense.
Definitions:
Error SSE
The sum of squared errors in statistical analysis, indicating the discrepancy between observed and predicted values.
Allman Brothers
A Southern rock band formed in 1969, known for their significant influence on the genre with hits like "Ramblin' Man" and "Midnight Rider."
Random Sample
A subset of individuals chosen from a larger set in such a way that every individual has an equal chance of being included in the sample.
Excel Output
The results produced by Microsoft Excel after processing data through formulas, functions, or simulations.
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