1 its 1 of 5 Book eferences Required information [The following information applies to the questions displayed below.] On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $80. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $4,800 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 12 razors that were returned under the warranty. Sold 180 razors for $14,400 cash. December 16 December 29 December 31 January 5 January 17 Replaced 24 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 120 razors for $9,600 cash. Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet < 1 2 3 4 5 7 Submit Check my work Required information View transaction list EX EX: 1 Record the sales revenue of 60 razors for $4,800 cash. 2 Record the cost of goods sold for 60 razors. 3 Record the estimated warranty expense at 8% of November sales. 4 Record the replacement of 12 razors that were returned under the warranty. 5 Record the sales revenue of 180 razors for $14,400 cash. 6 Record the cost of goods sold for 180 razors. 7 Record the replacement of 24 razors that were returned journal entry has been entered Note: Crec 7 Record the replacement of 24 razors that were returned under the warranty. 8 Record the estimated warranty expense at 8% of December sales. 9 Record the sales revenue of 120 razors for $9,600 cash. 10 Record the cost of goods sold for 120 razors. 11 Record the replacement of 29 razors that were returned under the warranty. 12 Record the adjung entry for warranty expense for the month of January. Note: journal entry has been entered Record entry Clear entry