3 ! Part 1 of 5 1.25 points eBook Print References 3 Check my work 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 $14 and its retail selling price is $70. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 Sold 80 razors for $5,600 cash. November 30 December 9 December 16 December 29 December 31 January 5 January 17 January 31 Recognized warranty expense related to November sales with an adjusting entry. Replaced 16 razors that were returned under the warranty. Sold 240 razors for $16,800 cash. Replaced 32 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 160 razors for $11,200 cash. Replaced 37 razors that were returned under the warranty. 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 6 7 8 12 > Record the sales revenue of 80 razors for $5,600 cash. Note: Enter debits before credits. Date November 11 General Journal Debit Credit Record entry Clear entry View general journal