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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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following tansactions occurred. November 11 sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November sales with an adjuating entry. Decenber 9 Replaced 10 razors that were returned under the warranty. December 26 sold 150 razore for $12,000 eash. becember 29 Replaced 20 razorn that were returned under the warranty, December 31 Mecognized warranty expense related to December aales with an adjuating entry. January 5 sold 100 razorn for $8,000 eash. January 17 Replaced 25 razort 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. 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 Sold 150 razors for $12,000 cash. Decesber 29 Replaced 20 razorg that were returned under the varranty. December 31 Recognized warranty expense related to December bales with an adjusting entry. January 5 Sold 100 razork for $8,000 eash. January 17 Replaeed 25 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. Journal entry worksheet 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 Recognized marranty expense related to Novenber sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 Sold 150 razors for $12,000 cash. December 29 Replaced 20 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. Jantary 5 Sold 100 razors for $8,000 cash. January 17 Replaced 25 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. Journal entry worksheet Record the estimated warranty expense at 7% of November sales. Note: Enter debits before credits. 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Novenber 11 sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 Sold 150 razora for $12,000 cash. December 29 Replaced 20 razora that were returned under the varranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 100 razors for $8,000 cash. January 17 Replaced 25 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. Journal entry worksheet Record the replacement of 10 razors that were returned under the warranty. Note: Enter debits before credits. 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. Decomber 16 Sold 150 razors for $12,000 cash. December 29 Replaced 20 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 100 razors for $8,000 cash. January 17 Replaced 25 razora 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. Journal entry worksheet Record the sales revenue of 150 razors for $12,000 cash. Note: Enter debits before credits. Required information [The following information applles 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7%6 of dollar sales. The following transactions occurred. November 11 sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razorn that were returned under the warranty. December 16 sold 150 razors for $12,000 cash. Decenber 29 Replaced 20 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjuating entry. January 11 Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. Notes tnter mebits derore creaics. Required information TThe 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Noverber 11 Sold 50 razors. for 34 , 000 cash. Novenber 30. Reeogalzed warranty expense related to Novenber salea with an adjusting entry. December 9 Heplaced 10 razort that were returned under the warranty. December 16 3old 150 razors for $12,000 eash. Deoenber 29 feplaced 20 razors that were returned under the warranty. Decenber 31 Recognized warranty expenee related to December aleo with an adjusting entry. January 5 Sold 100 razors for $8,000 cash. January 17 Replaced 25 zazors that were returned under the warkanty. January 31 Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare joumal entries to record above transactions and adjustments. Journal entry worksheet 123456812 Record the replacement of 20 razors that were returned under the warranty. Noter Enter debits before credits. 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to Novenber sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 sold 150 razors for $12,000 cash. December 29 Heplaced 20 razore that were returned under the warranty. December 31 Recognized warranty expense related to December salen with an adjusting entry. January 5 sold 100 razors for $8,000 cash. January 17 Replaced 25 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. Journal entry worksheet 123456712> Record the estimated warranty expense at 7% of December sales. Notes Enter debits before creditu. Required information [The following information applles 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 malls a new one from Merchandise Inventory to the customer. The company's cost per new razor is $13 and its retall selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Noveaber 11 sold 50 razors for $4,000 cash. November 30 Recognized warranty expenge related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 sold 150 razors for $12,000 cash. Decenber 29 Replaced 20 razors that were returned under the warranty. December 31 Recognized warranty expense related to Decenber sales with an adjunting entry. January 5 sold 100 razors for $8,000 cash. January 17 Roplaced 25 razora 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. 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 malls a new one from Merchandise Inventory to the customer. The company's cost per new razor is $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November salea with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 Sold 150 razors for $12,000 cash. December 29 Replaced 20 razors that were returned under the warranty. Decenber 31 Recognized warranty expense related to Decenber sales with an adjusting entry. January 5 5old 100 razors for $8,000 cash. January 17 Replaced 25 razors that were returned under the warranty. January 31 Recognized warranty expense related to January fales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 5old 50 razors for $4,000 cash. November 30 Pecognized warranty expense related to Novenber salen with an adjusting entry. December 9 Replaeed 10 razore that were returned under the warranty. December 16 Sold 150 razors for $12,000 eash. December 29 Replaced 20 razora that were returned under the warranty, Deeember 31 Recognized Warranty expense related to Deceaber sales with an adjusting entry. January 5 fold 100 razore for $8,000 eanh. January 17 Replaced 25 razoro that were returned under the varranty; January 31 Recognized warranty expense related to January sale with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. Journal entry worksheet 15678912> Record the replacement of 25 razors that were returned under the warranty. Notes Enter debits before credits. 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 malls a new one from Merchandise Inventory to the customer. The company's cost per new razor is $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 5old 50 razors for $4,000 cash. November 30 Recognized waxranty expense related to Novenber ales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 Sold 150 razors for $12,000 cash. December 29 Heplaced 20 razore that were returned under the warranty. December 31 Recognized warranty expense related to December salea with an adjusting entry. January 5 sold 100 razors for $8,000 cash. January 17 Replaced 25 razors that were returned under the warranty. January 31 Recognlzed warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. Journal entry worksheet Record the adjusting entry for warranty expense for the month of January. Note: Enter debits before eredits. 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 $13 and its retail seling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 Sold 50 ranorn for 54,000 canb. Hoveriber 30 Recognized warranty expense related to Novenber sales with an adjusting entry. December 9 Replaced 10 razore that were returned under the varranty. Decenber it sold 150 razore for $12,000 eash, Decenber 29 Replaced 20 razora that vere returaed under the warranty. December. 11 Recognized varranty expense related to December alea with an adjuating entry. January 5 sold 100 Fazara for $she000 eash. January 17 Meplaced 25 razory that were returned under the Marranty. January 31 Mecogniled warranty expente related to January sales with an adjusting entry. 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 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Uovenber 11 Sold 50 razore for 54,000 cash. Hovember. 30 Recognized Marcanty expenge related to Novenber salon with an adjusting entry. Decenber 9 Replaced 10 razora that were returned under the varranty. December 16 Sold 150 razors for $12,000 cash. Decenber 29 Heplaced 20 razora that vere returned under the varranty. Deeenber 31 Hecognized warranty expesse related to becenber sales vith an adjuating entry. January 5 Sold 100 razara for 58, 000 eash. January 17 Heplaeed 25 razora that vere returned under the varcanty. January 31 Hecognized varranty expense related to January aales vith an adjuating eatry. 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 returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $13 and its retall selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Novanber 11 Bold 50 razors for $4,000 cash. November 30 Hecognized varcanty expense related to November ales vith ab adjueting entry. Decenter 9 Replaced 10 razort that vere returned under the varranty. December 16 Sold 150 razora for $12,000 cash. Docember 29 Replaced 20 razore that vere returned under the warranty. December 11 Reeognized warranty expease related to Decenber aales with an adjoating entry. Tanuary 5 sold 100 razorn for 58,000 cash. January 17 heplaced 25 razorn that were returned under the warranty, January 31 hecognited warranty expente related to January aales with an adjunting 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 malis a new one from Merchandise inventory to the customer. The company's cost per new razor is $13 and its retali seling price is $80. The company expects warranty costs to equal 7% dollar sales. The following transoctions occurred. November 11 sold 50 razora for $4,000 cask. Novenber 30 hecognized varranty expense related to Novenher salea with an adjuating entry. December 9 Replaced to razorn that vere returned under the varranty. December 16 Eold 150 razorn tor $12,000 cash. Dectmber 29 Replaced 20 razoro that were returned under the varranty, December 31 Recognized Warranty expenae related to Decenter salen vith an adjusting entry. January 5 fold 100 razorn for $1,000 eash. January 17 Heplaced 25 razorn that were returbed under the varranty. January if Recognized Warranty expenae related to Jahuary nalee with an adjuatisg entry. 5. What is the balance of the Estimated Warranty Liability occount as of January 3t