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i need a journal entry please On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When

image text in transcribedi need a journal entry please
On October 29, Lobo Co. 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 $15 and its retail selling price is $70. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 80 razors for $5,600 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 16 razors that were returned under the warranty. 16 Sold 248 razors for $16,800 cash, 29 Replaced 32 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. dan, 5 Sold 150 razors for $11, 200 cash. 17 Replaced 37 razors that were returned under the warranty 31 Recognized warranty expense related to January sales with an adjusting entry Required: 1. Prepare journal enules to record above transactions and adjustments, View transaction list Journal entry worksheet 1 2 3 5 6 7 8 12 Record the sales revenue of 20 razors for 55.500 cash

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