On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. 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 in both 2016 and 2017. The manufacturer has advised the company to expect warranty costs to equal 8% of dollar sales. The following transactions and events occurred. 2016 Nov. 11 Sold 60 razors for $4,800 cash. 30 Recognized warranty expense related to Novenber sales with an adjusting entry. Dec. 9 Replaced 12 razors that were returned under the warranty 16 Sold 180 razors for $14,400 cash. 29 Replaced 24 razors that vere returned under the varranty 1 Recognized varranty expense related to December sales vith an adjusting entry. 2017 Jan. 5 Sold 120 razors for $9,600 cash. 17 Replaced 29 razors that were returned under the varranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Problem 11-4A Part 1 1.1 Prepare journal entries to record above transactions and adjustments for 2016. View transaction list Journal entry worksheet Record the sales revenue of 60 razors for $4,800 cash. 10 of 10Next > Prev 0 Required information 1.1 Prepare journal entries to record above transactions and adjustments for 2016 View transaction list Journal entry worksheet Record the sales revenue of 60 razors for $4,800 cash. Note: Enter debits before credits. Date General Journal Debit Credit Nov 11 Record entry Clear entry View general journal