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 $20 and its retail selling price is $75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. November 11 Sold 105 razors for $7,875 cash. November 30 Recognized warranty expense related to Novenber sales with an adjusting entry. December 9 Replaced 15 razors that were returned under the warranty. December 16 Sold 220 razors for $16,500 cash. December 29 Replaced 30 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 150 razors for $11,250 cash. January 17 Replaced 50 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments Answer is not complete. Date No General Journal Credit Debit 7.875 1 November 11 Cash Sales Olo 7,875 . 2 November 11 Cost of goods sold 2,100 Journal entry worksheet 5 6 8 12 > Record the cost of goods sold for 220 razors. Note: Enter debits before credits Date General Journal Debit Credit December 16 Cost of goods sold Record entry Clear entry View general journal Journal entry worksheet Record the replacement of 50 razors that were returned under the warranty Note: Enter debits before credits General Journal Debit Credit Date January 17 View general journal Clear entry Record entry Journal entry worksheet