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 company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $$14$ and its retail selling price is $$80.$ The company expects warranty costs to equal $5\%$ of dollar sales. The following transactions occurred.

November $11$ sold $70$ razors for $$5,600$ cash.

November $30$ Recognized warranty expense related to November sales with an adjusting entry.

December $9$ Replaced $14$ razors that were returned under the warranty.

December $16$ sold $210$ razors for $$16,800$ cash.

Decenber $29$ Replaced $28$ razors that were returned under the waryanty.

Uecember $31$ Recognized warranty expense related to vecember sales with an adjusting entry.

Januany $5$ sold $149$ razors for $$11,260$ cash.

January $11$ Replaced $33$ razors that were returned uncer the warranty.

January $31$ Recognized warranty expense related to January sales with an adjusting entry.

Required:

Prepare journal entries to record above transactions and adjustments.

Journal entry worksheet

$2$

$3$

$4$

$5$

$6$

$7$

$8q,12$

Record the sa es revenue of $70$ razors for $$5,600$ cash.