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 mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $20 and its retail selling price is $75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 105 razors for $7,875 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 15 razors that were returned under the warranty. 16 Sold 220 razors for $16,500 cash. 29 Replaced 30 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 150 razors for $11,250 cash. 17 Replaced 50 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Record the sales revenue of 105 razors for $7,875 cash. Note: Enter debits before credits. Debit Credit General Journal Date Nov 11 Record the cost of goods sold for 105 razors, Note: Enter debits before credits. General Journal Debit Credit Date Nov 11 Record the estimated warranty expense at 8% of November sales. Note: Enter debits before credits. Debit Credit Date General Journal Nov 30 Record the replacement of 15 razors that were returned under the warranty. Note: Enter debits before credits. Date General Journal Debit Credit Dec 09 Record the sales revenue of 220 razors for $16,500 cash. Note: Enter debits before credits. Date General Journal Debit Credit Dec 16 Record the cost of goods sold for 220 razors. Note: Enter debits before credits. Date General Journal Debit Credit Dec 16 Record the replacement of 30 razors that were returned under the warranty. Note: Enter debits before credits. Debit Credit Date General Journal Dec 29 Record the estimated warranty expense at 8% of December sales. Note: Enter debits before credits. Debit Credit Date General Journal Dec 31 Record the sales revenue of 150 razors for $11,250 cash. Note: Enter debits before credits. Debit General Journal Date Credit Jan 05 Record the cost of goods sold for 150 razors. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record the replacement of 50 razors that were returned under the warranty. Note: Enter debits before credits. Debit Credit Date General Journal Jan 17 Record the adjusting entry for warranty expense for the month of January. Note: Enter debits before credits. Credit Debit Date General Journal Jan 31 2. How much warranty expense is reported for November and December? Warranty expense for November Warranty expense for December 3. How much warranty expense is reported for January? Warranty expense 4. What is the balance of the Estimated Warranty Liability account as of December 31? Estimated warranty liability balance 5. What is the balance of the Estimated Warranty Liability account as of January 31? Estimated warranty liability balance