1.1

Prepare journal entries to record below transactions and adjustments for 2012.

* Record the sales revenue of 105 razors for $7875

* Record the cost of goods sold for 105 razor

* Record the estimated warranty expense at 8% of November sales

* Record the replacement of 15 razors that were returned under the warranty

* Record the sales revenue of 220 razors for $16500 cash

* Record the cost of goods sold for 220 razors

* Record the replacement of 30 razors that were returned under the warranty

* Record the estimated warranty expense at 8% of December sales.

1.2

Prepare journal entries to record below transactions and adjustments for 2013. * Record the sales revenue of 150 razors for $11,250 * Record the cost of goods sold for 150 razors * Record the replacement of 50 razors that were returned under the warranty * Record the adjusting entry for warranty expense for the month of January 2013 * How much warranty expense is reported for November 2012 and for December 2012? * How much warranty expense is reported for January 2013? * What is the balance of the Estimated Warranty Liability account as of January 31, 2013? * What is the balance of the Estimated Warranty Liability account as of December 31, 2012?