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Required informetion The fallowing information applies to the quesbons displayed belewi) On Occober 29. Lobo Company began eperations by purchasing razors for fesale. The fazons fiove a 90 doy waeranty When a razor is returned, the compary discards it and malt a new one flom Merchandise livereory to the ciatomer. The cempaty's cost per new raroc is $15 and its retal seling price is 570 . The company expects warrarily costs to equat 7h: of dolar sales. The following irariactians occurted. Maventet 11 Doid 70 ravars for 44,095 can. becenber-it sodd tio rakere for 516,200 carh. pecester at mepiaced it rators that were returned onder the warranty. Ganuary if Meplaced 33 rwbers that vere retwined under the varranty. Jenuary is Becognined varranty expense telated to Jonuary dales with at adjuating antyy. Required: 1. Prepoce journat entries to record above transoctions and adjustments. Required information (The following information appives to the questions displayed below? On October 29. Lobo Company began egerations by purchasing razors for resale. The razors hwe a 90 -dsy warranty? When a fazor is returned, the compony discards it and mals a new one from Merchandie tmvertory to the customer. The compery?s cost per new razor is $15 and its retall selling price is $70. The company expects wacrenty costs to equal 7% of dollar sales. The following tansactions occurred Hovendee 11 thald 70 razers foi 14,900 wash. Dectaber moplaced 14 raters thet were returneis under the Marranty. Decenter 16 beld ite ratorm tor 116,700 casti. Ancenteir 27 Beplaced 26 fazare that were returned under the Maxranty. becenber it feoognized marranty akpense related to Decumber males with an adjuatine andry. danuary 5 bold 140 razors foe 11, hod dash. January 17 Beplaced 33 ravore chat were returned wnder the warranty 2. How much warranty expense is reported for November and for December? 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 raror is retumed, the company discards it and malls a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $70. The company expects warranty costs to equal 7% of dollat sales. The following transactions occurred. Hovenber 11 sold 70 razore for 54,900 eanh. Novenber 30 mecopnised varranty expense related to Heventer aales with an adjuetina entry. Deceaher 9 Baplaced 14 razore that were returned under the warkanty. December 16 woid 210 razorn tor 114,700 cant. Deceaber 29 anpleced 21 razore that were returned under the varranty: pecenber it Becogndaed varranty expene related to Decenber waled with an adfuating entry. January 5 llold 140 raxors for 69,000 eaah. Jansary 17 leplaced 31 rasorn that vere returned uoder the varranty. January 31 lecognited varranty expente related to Jasuary balen wieb an adjusting ebtry. 3. How much warranty expense is reported for January? 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 retumed, the compony discards it and mails a new one from Merchandise Inventory to the customec. The company's cost per new razor is $15 and its retail selling price is $70. The compony expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Noventer 11 Dold 70 razora for 14,900 eash. Novenber 30 Recognized warranty expenne related to Novonber nalea with an adjuating entry. Decenter 9 Replaced 14 razors that were returned under the warranty. Decentber 16 fold 210 razor for $16,700 eanh. December 29 . Reploced 28 razore that were returned ander the warranty. Decenber 31 Reoognized warranty expense related to Decenber saled With an adjusting entry, January 5 sold 140 razore for $9,800cash. January 17 feplaced 13 razor that were returned under the warranty. January: 31 fecognized warranty expense related to Jancary sales mith an adjusting entry. 4. What is the balance of the Estimated Warranty Liability account as of December 31 ? 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 seling price is $70. The company expects warranty costs to equal 7% of dollar soles. The following transactions occurred. Novenber 11 sola 70 razors for $4,900 eash. Novenber 30 Recognired warranty expense rolated to November wales with an adjusting entry. Decenber 9 hoplaced 14 rezors that were returned under the warranty. necenber 16 fold 210 razors for 514,700 caah. Decenber 29 heplaced 28 razors that vere returned under the warranty. becenber 31 Hecognized warranty expense related to December wales with an adjusting entry. January 5 sold 140 razors tor $9,800 caoh. January 17. Replaced 33 razors that were returned under the warranty. January 31 Recognized warranty expense related to January alea with an adjusting entry. 5. What is the balance of the Estimated Warranty Liability account as of January 31