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