12 enteries

Required information [The following information applies to the questions dispiayed below, On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is retumed, the company discards it and mails a new one from Merchandise inventory to the customer. The company's cost per new razor is $14 and its tetall sefling price is $70. The company expects warranty costs to equal 6$6 of doller sales. The following transactions occurred. Novenber 11 . Told 50 razors for $3,590 cash, Novenber 30 teoognized warranty enpenat celated to Movenber anler with an adjuating entry. Decerber 9 neplaced 10 razorz that vere reterned under the verranty. becenter 16 sold 15 e razors for $10,500 calh. Decenber 29 seplaced 20 razers that vere returnod under the varranty. Decenber 31 Meconnired warranty expence related to Decenber males with an adjusting entry. Jasuary 5 sold 100 rasora for 37,000 canb. January 17 Hoplaced 25 razore that were returned ander the varranty. January 31 Recopnizad varrabty expense related to Janaary nalen with an adjuating astry. Required: 1. Prepare journal entries to record above transactions and adjustments. Journal entry worksheet