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 $14 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 60 razors for $4,800 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 12 razors that were returned under the warranty. 16 Sold 180 razors for $14,400 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 120 rators for $9,600 cash. 17 Replaced 29 rators that were returned under the warranty. 31 Recognized warranty expense related to January soles with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. View transaction List D. Journal entry worksheet