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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 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 $12,600 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 120 razors for $8,400 cash. 17 Replaced 29 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. ances View transaction list Journal entry worksheet 1 2 3 4 5 6 7 12 > Record the sales revenue of 60 razors for $4,200 cash. Note Edebits before credits General Journal Debit Credit Nov 11 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 malls 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 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 $12, 600 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 120 razors for $8.400 cash. 17 Replaced 29 razors that were returned under the warranty 31 Recognized warranty expense related to January sales with an adjusting entry. JAN. 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet Record the cost of goods sold for 60 razors, Note Enter dobit before credits Date General Joumal Debit Credit Nov 11 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. 9 Replaced 12 razors that were returned under the warranty. 16 Sold 180 razors for $12,600 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. S Sold 120 razors for $8,400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Dec. ok 1. Prepare journal entries to record above transactions and adjustments. rences View transaction ist Journal entry worksheet 2 3 4 5 6 7 8. 12 > Record the estimated warranty expense at 5% of November sales. Note: Enter debts before credits General Journal Date Nov 30 Debat Credit 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. 9 Replaced 12 razors that were returned under the warranty. 16 Sold 180 razors for $12.500 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 120 razora for $8,400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Dec. ant 1. Prepare journal entries to record above transactions and adjustments. mences View transaction list Journal entry worksheet 2 3 4 5 6 7 8 12 Record the replacement of 12 razors that were returned under the warranty. Note Enter debts before credits General Journal Debit Credit Doc on 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 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 $12,600 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 120 razors for $8.400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. ok int 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet Record the sales revenue of 180 razors for $12,600 cash. Enter debits before credits General Journal Debit Credit Date Dec 16 2 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. 9 Replaced 12 razors that were returned under the warranty. 16 Sold 180 razors for $12,600 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 120 Tators for $8,400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. pped Dee. Jan. Book Print 1. Prepare journal entries to record above transactions and adjustments. references View transaction list Journal entry worksheet Record the cost of goods sold for 180 razors. Narar debts before credit Data General Journal Dubit Credit Dec 15 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 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 $12,600 cash. 29 Replaced 24 rators that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 120 razors for $8.400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January wales with an adjusting entry. pped ook Print 1. Prepare journal entries to record above transactions and adjustments. References View transaction ist Journal entry worksheet Record the replacement of 24 razors that were returned under the warranty Note: Enter debts before credit General Journal Debit Credit Dat Dec 29 0 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 12 rators that were returned under the warranty. 16 Sold 180 razona for $12,500 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 120 razora for $8,400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. pped BO Print 1. Prepare journal entries to record above transactions and adjustments. rences View transaction that Journal entry worksheet 2 5 7 8 12 > Record the estimated warranty expense at 5% of December sales Note: Enter det before credit Date General Journal Debil Credit 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 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 $12,600 canh. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 120 razoru for $8,400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. ipped Jan. B Pent 1. Prepare journal entries to record above transactions and adjustments. References View transaction list Journal entry worksheet 1 - 4 5 6 7 8 9 12 > Record the sales revenue of 120 razors for $8,400 cash. Note: indebit before credits General Journal Debit Credit Date Jan 05 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for 54,200 cash. 30 Recognized warranty expense related to November wales with an adjusting entry. Dec. Replaced 12 razors that were returned under the warranty. 16 Sold 180 razors for $12,600 cash. 29 Replaced 24 rarors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. S sold 120 razors for $8,400 cash. 17 Replaced 29 razors that were returned under the warranty, 31 Recognized warranty expense related to January sales with an adjusting entry. od ook Print 1. Prepare journal entries to record above transactions and adjustments, Terences View transaction list Journal entry worksheet Record the cost of goods sold for 120 razors. Note Ehtedet here credits General Journal Debit Credit Jan 05 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 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 $12,600 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 razors for $8,400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. ook Priet 1. Prepare journal entries to record above transactions and adjustments berences View transaction list Journal entry worksheet 1 ... 5 6 7 8 9 10 11 12 > Record the replacement of 29 razors that were returned under the warranty Note Enter debit before credits Data General Journal Debat Cred Jan 17 0 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 dollar sales. The following transactions occurred. company's cost per new razor is $15 and its retail selling price is $70. The company expects warranty costs to equal 5% of Nov. 11 Sold 60 razors for $4,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. 9 Replaced 12 razors that were returned under the warranty. 16 Sold 180 razors for $12,600 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 razors for $8,400 cash 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. goed Dec. Bock Print 1. Prepare journal entries to record above transactions and adjustments. Feferences View transaction list Journal entry worksheet 1 5 7 8 9 10 11 12 > Record the adjusting entry for warranty expense for the month of January. Nom Enter det before credits General Journal Debit Date Jan 31 Credit 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 5% of dollar sales. The following transactions occurred. Nov. 11 Sold 60 razors for $4,200 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 $12,600 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 razors for $8,400 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 4. What is the balance of the Estimated Warranty Liability account as of December 31? Estimated warranty ability balance