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 $20 and its retail selling price is $75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 105 razors for $7,875 cash. 30, Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 15 razors that were returned under the warranty. 16 Sold 220 razors for $16,508 cash. 29 Replaced 30 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 150 razors for $11,250 cash. 17 Replaced 50 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. View transaction list Journal entry worksheet Record the replacement of 15 razors that were returned under the warranty. Note: Enter debits before credits. Date General Journal Debit Credit Dec 09 Record entry Clear entry View general Journal 17 Replaced 50 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. View transaction list Journal entry worksheet 2 3 4 5 RA 7 8 12 > > Record the sales revenue of 220 razors for $16,500 cash. Note: Enter debits before credits Date General Journal Debit Credit Dec 16 Record entry Clear entry View general Journal 17 Replaced 50 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. View transaction list Journal entry worksheet Record the cost of goods sold for 220 razors. Note: Enter debits before credits Dato General Journal Debit Credit Doc 16 Record entry Clear entry View general journal 17 Replaced 50 razors that were returned under the ranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet Record the sales revenue of 150 razors for $11,250 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal 17 Replaced 50 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. View transaction list Journal entry worksheet 6 5 7 8 9 11 199 . 12 Record the cost of goods sold for 150 razors. Note: Enter debits before credits Date General Journal Debit Credit Jan 05 Record entry Clear entry View general journal 17 Replaced 50 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. View transaction list Journal entry worksheet 5 6 78 10 11 12 Record the replacement of 50 razors that were returned under the warranty Note: Enter debits before credits General Journal Debit Credit Date Jan 17 Record entry Clear entry View general journal 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet