M fh Course: 22SUM-ACC12100-0x Mail-Katherine Mary Cibilich Question - Chapter 9 Home x + C ezto.mheducation.com/ext/map/index.html?_con-can&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPv1965Mz_jc4w... Chapter 9 Homework 8 Required Information Part 1 of 5 [The following information applies to the questions displayed below.) - Saved You received partial credit in the previous attempt. 0.83 points eBook References 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 selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. Navarkar 11 Sold 60 razors for $4,800 cash. Kovember 30 December 9 December 16 December 29 December 31 January 5 January 17 Recognized warranty expence related to November sales with an adjusting entry. Replaced 12 razors that were returned under the warranty. Sold 180 razors for $14,400 cash. Replaced 24 razors that were returned under the warranty. Recognized warranty expense related to December aalea with an adjusting entry. Sold 120 razore for $9,600 cash. Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January cales with an adjusting entry. Mc Graw Hill Required: 1. Prepare journal entries to record above transactions and adjustments. View transaction list View journal entry worksheet No 1 Date November 11 Cash Sales 2 November 11 Cost of goods sold General Journal Debit Credit 4.800 4,800 Merchandise inventory 840 840 3 November 30 Warranty expense Estimated warrentyllability 4 December 09 Estimated warranty isbility Merchandise inventory 5 December 18 Cash 336 336 168 168 14,400 < Prev 8 9 10 12 of 12 Next > Help View previous attempt Save & Exit Submit Check my work fh Course: 22SUM-ACC12100-0x M C Mail-Katherine Mary Cibilich Question 9 - Chapter 9 Home x + ezto.mheducation.com/ext/map/index.html?_con-can&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPv1965Mz_jc4w... Chapter 9 Homework Saved Help Save & Exit 9 Required Information You received no credit for this question in the previous attempt. View previous attempt Part 2 of 5 [The following information applies to the questions displayed below.) 0.83 points 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 selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $4,800 cash. Kovember 30 eBook December 9 December 16 December 29 December 31 January 5 References January 17 Recognized warranty expence related to November sales with an adjusting entry. Replaced 12 razors that were returned under the warranty. Sold 180 razors for $14,400 cash. Replaced 24 razors that were returned under the warranty. Recognized warranty expense related to December aalea with an adjusting entry. Sold 120 razore for $9,600 cash. Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January cales with an adjusting entry. 2. How much warranty expense is reported for November and for December? Warranty axpanse for November Warranty expense for December $ 630 1,320 Mc Graw < Prev 9 10 11 12 of 12 Next > Hill Submit Check my work + ezto.mheducation.com/ext/map/index.html?_con-can&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPv1965Mz_jc4w... M fh Course: 22SUM-ACC12100-0x Mail-Katherine Mary Cibilich Question 10-Chapter 9 Home Xx C Chapter 9 Homework Saved Help Save & Exit 10 0 You received no credit for this question in the previous attempt. View previous attempt Required Information Part 3 of 5 [The following information applies to the questions displayed below.) 0.83 points 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 selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $4,800 cash. Kovember 30 eBook December 9 December 16 December 29 December 31 January 5 References January 17 Recognized warranty expence related to November sales with an adjusting entry. Replaced 12 razors that were returned under the warranty. Sold 180 razors for $14,400 cash. Replaced 24 razors that were returned under the warranty. Recognized warranty expense related to December aalea with an adjusting entry. Sold 120 razore for $9,600 cash. Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January cales with an adjusting entry. 3. How much warranty expense is reported for January? Warranty expense $ 672 Mc Graw < Prev 10 11 12 of 12 Next > Hill Submit Check my work + ezto.mheducation.com/ext/map/index.html?_con-can&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPv1965Mz_jc4w... M fh Course: 22SUM-ACC12100-0x Mail-Katherine Mary Cibilich Question 11 - Chapter 9 Home x C Chapter 9 Homework Saved Help Save & Exit 11 0 Required Information You received no credit for this question in the previous attempt. View previous attempt Part 4 of 5 [The following information applies to the questions displayed below.) 0.83 points 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 selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. eBook November 11 Sold 60 razors for $4,800 cash. Kovember 30 December 9 December 16 December 29 December 31 References January 5 January 17 Recognized warranty expence related to November sales with an adjusting entry. Replaced 12 razors that were returned under the warranty. Sold 180 razors for $14,400 cash. Replaced 24 razors that were returned under the warranty. Recognized warranty expense related to December aalea with an adjusting entry. Sold 120 razore for $9,600 cash. Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January cales with an adjusting entry. 4. What is the balance of the Estimated Warranty Liability account as of December 312 Estimated warranty liability balance $ 840 Mc Graw < Prev 11 12 of 12 Hill Next > Submit Check my work M fh Course: 22SUM-ACC12100-0x Mail-Katherine Mary Cibilich Question 12 - Chapter 9 Home: X C + ezto.mheducation.com/ext/map/index.html?_con-can&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPv1965Mz_jc4w... Chapter 9 Homework Saved Help Save & Exit 12 Required Information You received no credit for this question in the previous attempt. View previous attempt Part 5 of 5 [The following information applies to the questions displayed below.) 0.87 points 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 selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $4,800 cash. Kovember 30 eBook December 9 December 16 December 29 December 31 January 5 References January 17 Recognized warranty expence related to November sales with an adjusting entry. Replaced 12 razors that were returned under the warranty. Sold 180 razors for $14,400 cash. Replaced 24 razors that were returned under the warranty. Recognized warranty expense related to December aalea with an adjusting entry. Sold 120 razore for $9,600 cash. Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January cales with an adjusting entry. 5. What is the balance of the Estimated Warranty Liability account as of January 31? Estimated warranty liability balance $ 1,106 Mc Graw < Prev 12 of 12 Next > Hill Submit Check my work