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Sarasota Company sells televisions at an average price of $824 and also offers to each customer a separate 3-year warranty contract for $91 that requires the company to perform periodic services and to replace defective parts

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Sarasota Company sells televisions at an average price of $824 and also offers to each customer a separate 3-year warranty contract for $91 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 294 televisions and 234 warranty contracts for cash. It estimates the 3-year warranty costs as $19 for parts and $39 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty revenues occurs.

Record any necessary journal entries in 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)