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Required information Problem 9-4A Warranty expense and liability estimation LO P4 The following information applies to me questions displayed bow) On October 29, 2017 Lobo co began operations by purchasing fazon for resale Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razot When a rarors returned the company discards and mails a new one from Merchandise Inventory to the customer. The company's cost per new raroris $15 and its retail seng price is $70 in both 2017 and 2018 The manufacturer has advised the company to expect warranty costs to equal of dollar Sales The following transactions and events occurred 2017 Nov. 11 Sold 70 razors for $4,900 cash. 30 Recognired warranty expense related to November sales with an adjusting entry Replaced 14 razors that were returned under the warranty Required A Sold 210 razors for $14,700 cash Replaced 28 razors that were returned under the warranty 31 Recognized warranty expense related to December Sales with an adjusting entry 5 Sold 140 razors for $9,800 cash 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry Required information 1a. Prepare journal entries to record above transactions and adjustments for 2017 16. Prepare journal entries to record above transactions and adjustments for 2018 Part 15 Answer is not complete Complete this question by entering your answers in the tabs below. Required 1A Required 15 Prepare journal entries to record above transactions and adjustments for 2017. General Journal Cash Required 1A Sales Debat Credit &000 4900 Nov 11 No Transaction Recorded Now 30 Warranty expense Estimated warranty ability Dec Estimated warranty Merchandise inventory Dec 10 Cash 14,700 14700 Dec 16 NO Transaction Recorded Dec 23 mated warranty baty Merchandise inventory De Warranty expense Estimated warranty ability 31 Recognized warranty expense related to December sales with an adjusting entry. 2018 Jan. 5 Sold 140 razors for $9,800 cash 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Problem 9 AND Required 1B 1o. Prepare ournal entries to record above transactions and adjustments for 2017 1b. Prepare journal entries to record above transactions and adjustments for 2018 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Prepare journal entries to record above transactions and adjustments for 2018. General Journal No 1 Date Jan 05 Debit Credit Cash Ses 9,000 Jan 05 No Transaction Recorded Jan 17 Estimated warranty Merchande ventory Jan 31 Warranty expense Estimated warranty
