Question 1 [30 points] On April 4, Bentley Inc. began to buy and resell lamps for $36 each. Bentley Inc. uses the perpetual method to account for inventories. The lamps are covered under a warranty that requires the company to replace any defective lamp within 90 days. When a lamp is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new lamp is only $8. The manufacturer has advised the company to expect warranty costs to equal 20% of the units sold. Record the following transactions in the journal provided. Record transaction letters as descriptions. Enter the dates in the format dd/mmm (ie. 15/Jan). a. April 9 : 260 lamps were sold for cash. b. April 30: The warranty expense for the month of April was recognized with an adjusting entry c. May 4: Replaced 26 lamps that were returned under the warranty. d. May 6 Sold 160 lamps for cash. e. May 27: Replaced 25 lamps that were returned under the warranty. f. May 31 Recognized warranty expense for May with an adjusting entry. Date General Journal Account/Explanation Page GJ1 F Debit Credit