Prepare journal entries to record above transactions and adjustments.

Required information {The foiiowing infomation applies to the questions displayed beiowzj 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 $13 and its retail selling price is $90. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. Nov. 11 Sold 30 razors for $7,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 16 razors that were returned under the warranty. 16 Sold 240 razors for $21,600 cash. 29 Replaced 32 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 160 razors for $14,400 cash. 1? Replaced 37 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry