Required Information (The following information applies to the questions displayed below) 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 malls a new one from Merchandise Inventory to the customer. The company's cost per new razor is $14 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 Sold 60 ron for 4,800 cash. Novenber 38 Recognized warranty penne related to Novenber sale with an adjusting entry Decebe replaced 12 Ore that were returned under the warranty December 16 Bola 180 razors for $14,400 cash December 23 Replaced 26 rakort that were returned under the warranty December Necognited warranty expense related to December wales with an adjusting entry. January 3 Bold 120 anore tor 59,600 cash JANUARY 17 Replaced 29 Os that were returned under the warranty Sahuary 31 Recognized warranty expense related to January sales with an adjusting entry Required: 1. Prepare journal entries to record above transaktions and adjustments View trong dien thoa Journal entry worksheet 6 7 12 Record the sales revenue of 60 razors for $4,800 cash, No debe Required information The following information applies to the questions displayed below.) 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 malls a new one from Merchandise Inventory to the customer . The company's cost per new razor is $14 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred, 04 November 11 Sold 60 razors for $4,00 cash November 30 Recognized warranty expense related to November sales with an adjusting entry. December Replaced 12 rators that were returned under the warranty: December 16 Sold 180 rators for $14,400 cash December 29 Replaced 24 rators that were returned under the warranty December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 120 razors for $9.600 cash January 17 Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January wales with an adjusting entry. 2. How much worranty expense is reported for November and for December? Warranty expense for November Warranty expense for December Required information The following information applies to the questions displayed below.] 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 $14 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. 52 November 11 Sold 60 rators for $4,800 cash November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 12 razors that were returned under the warranty. December 16 Sold 180 razors for $14.400 cash December 29 Replaced 24 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry January 5 Sold 220 razors for $3,600 cash. January 17 Replaced 29 razors that were returned under the warranty January 31 Recognized warranty expense related to January sales with an adjusting entry. 3. How much warranty expense is reported for January? Warranty expense Required Information (The following information applies to the questions displayed below.) On October 29 Lobo Company begon 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 $80. The company expects Warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for 54,800 cash. November 30 Recognized warranty expense related to November males with an adjusting entry December Replaced 12 razors that were returned under the warranty: December 16 Sold 100 razors for $14,400 cash December 29 Replaced 24 razors that were returned under the warranty: December 31 Recognized warranty expelle related to Decembekale Vith an adjusting entry January 5 Sold 120 TALOr for $9,500 ca. January 17 Replaced 29 Pazors that were returned under the warranty: January 31 Recognized warranty expense related to January with an adjust try 4. What is the balance of the Estimated Warranty Liability account as of D Bomber 31 Estimated warranty liability balance 5 5 of 5 Required Information The following information applies to the questions displayed below.) 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 razot Is $14 and its retail selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. 03.12 November 11 Sold 60 razors for $4,800 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December Replaced 12 razors that were returned under the warranty. December 16 Sold 10 ratore for $14,400 cash. December 29 Replaced 24 razors that were returned under the warranty. December 1 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 120 ratore for $9,600 cash. January 27 Replaced 29 Tators that were returned under the warranty, January 31 Recognized warranty expense related to January sales with an adjusting entry. Book Terences 5. What is the balance of the Estimated Warranty Liability account as of January 312 Estimated warranty lability balance