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 $16 and its retail selling price is $80. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred Nov. 11 Sold 80 razors for $6,400 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 rators for $19,200 cash. 29 Replaced 32 rators that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry Jan. 5 Sold 160 razors for $12,800 cash. 17 Replaced 37 razors that were returned under the warranty 31 Recognized warranty, expense related to January sales with an adjusting entry Required: 1. Prepare Journal entries to record above transactions and adjustments. View transaction list View journal entry worksheet No Date General Journal Debit Credit