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 $14 and its retail selling price is $60. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. Nov. 11 Sold 50 razors for $3,eee cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 10 razors that were returned under the warranty. 16 Sold 150 razors for $9,899 cash. 29 Replaced 20 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold lee razors for $6,888 cash. 17 Replaced 25 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet Record the sales revenue of 50 razors for $3,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Nov 11 Cash 3,000 Sales 3,000 Journal entry worksheet LLLL Record the cost of goods sold for 50 razors. Note: Enter debits before credits. Date General Journal Debit Credit Nov 11 Record entry Clear entry View general journal Journal entry worksheet Record the estimated warranty expense at 7% of November sales. Note: Enter debits before credits. General Journal Debit Credit Date Nov 30 Record entry Clear entry View general journal ew uansac LIST Journal entry worksheet Record the replacement of 10 razors that were returned under the warranty. Note: Enter debits before credits. Date General Journal Debit Credit Dec 09 Record entry Clear entry View general journal Journal entry worksheet Record the sales revenue of 150 razors for $9,000 cash. Note: Enter debits before credits. Date General Journal Dec 16 Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the replacement of 20 razors that were returned under the warranty. Note: Enter debits before credits. General Journal Debit Credit Date Dec 29 Record entry Clear entry View general journal Journal entry worksheet Record the estimated warranty expense at 7% of December sales. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold for 100 razors. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal Journal entry worksheet