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 $16 and its retail selling price is $70. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $3,500 cash. November 30 December 9 December 16 December 29 December 31 January 5 January 17 Recognized warranty expense related to November sales with an adjusting entry. Replaced 10 razors that were returned under the warranty. Sold 150 razors for $10,500 cash. Replaced 20 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 100 razors for $7,000 cash. Replaced 25 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. Journal entry worksheet < 1 2 3 4 5 6 7 8 12 Record the sales revenue of 50 razors for $3,500 cash. Note: Enter debits before credits. Date November 11 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet wwwwwwwwww 3 4 5 6 7 8 Record the cost of goods sold for 50 razors. Note: Enter debits before credits. Date November 11 12 22 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 4 6 7 8 12 Record the estimated warranty expense at 6% of November sales. Note: Enter debits before credits. Date November 30 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 12 Record the replacement of 10 razors that were returned under the warranty. Note: Enter debits before credits. Date December 09 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 7 8 12 Record the sales revenue of 150 razors for $10,500 cash. Note: Enter debits before credits. Date December 16 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the cost of goods sold for 150 razors. Note: Enter debits before credits.. Date December 16 7 CO 12 12 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 12 Record the replacement of 20 razors that were returned under the warranty. Note: Enter debits before credits.. Date December 29 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet ht < 1 2 3 4 5 6 Record the estimated warranty expense at 6% of December sales. Note: Enter debits before credits. Date December 31 12 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 ..... 5 6 7 8 6 Record the sales revenue of 100 razors for $7,000 cash. Note: Enter debits before credits. Date January 05 10 12 12 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 15 6 7 8 9 10 12 Record the cost of goods sold for 100 razors. Note: Enter debits before credits. Date January 05 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ... 56 7 8 10 11 12 10 6 Record the replacement of 25 razors that were returned under the warranty. Note: Enter debits before credits.. Date January 17 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ... 5 6 7 8 6 10 10 11 12 Record the adjusting entry for warranty expense for the month of January. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal