Required information [The following information applies to the questions displayed below] On October 29, Lobo Company began operations by purchasing razors for res the razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from t is iandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $60. The cr any expects warranty costs to equal 6% of dollar sales. The following transactions occurred. Novenber 11 sold 70 razorn for 54,200 cash. November 30 Recognized warranty expense related to Novenber with an adjusting entry. Decenber 9 Replaced 14 razorn that were returned under the int anty. Decenber 16 sold 210 razorn for $12,600 cash. Decenber 29 heplaced 28 razorn that were returned under the warranty. December 31 Recognized varranty expense rolated to December saies with an adjusting entry. January 5 Sold 140 razorn for $3,400 eash. January 17 heplaced 33 razorn that were returned under the warranty. Jansary 31 hecognized warranty expenee felated to January nalen with an adjuating entry. Required: 1. Prepare journal entries to record above transactions and adjustments. Required: 1. Prepare journal entries to record above transactions and adjustments. Journal entry worksheet Record the sales revenue of 70 razors for $4,200 cash. Notet Enter debits before credits. Required information [The following information applies to the questions displayed below.] On October 29, Lobo Company 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 $60. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. Novenber 11 sold 70 razorn for 54,200 eash, Novenber 30 gecognized warranty expense related to November sales with an adjunting antry. Decenber 9 Replaced 14 razors that were returned under the warranty. Decenber 16 fold 210 razorn for 512,600 eash. Decenber 29 heplaced 28 razora that were returned under the warranty. Decenber 31 Recognized warranty expense related to Decenter salen with an adjusting entry. January 5 sold 140 razors tor 58,400 eanh. January 17 Replaced 33 razors that were returned under the varranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. 2. How much warranty expense is reported for November and for December? Required information [The following information applies to the questions displayed below.] On October 29, Lobo Company 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 $60. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 sold 70 razors for $4,200 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 14 razors that were returned under the warranty. December 16 sold 210 razorn for $12,600 eash. December 29 Replaced 28 razorn that were returned under the warranty. December 31 Recognized warranty expense related to Decenber salen with an adjusting entry. January 5 sold 140 razors for $8,400 cash. January 17 Replaced 33 razora that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. 3. How much warranty expense is reported for January? [The following information applies to the questions displayed below.] On October 29, Lobo Company 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 $60. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 sold 70 razorb for $4,200cash. November 30 Reeognized Warranty expense related to November sales with an adjusting entry, Decenber 9 Replaced 14 razors that were returned under the wareanty. December 16 5old 210 razorb for $12,600 eash. December 29 Replaeed 28 razors that were returned under the warranty. December 31 Recognized warranty expense related to Decenber nales with an adjusting entry. Jandary 5 sold 140 razore for $8,400 cash. January 17 Replaced 33 razore that were returned under the warranty, January 31 Recognkzed warranty expense related to January salen with an adjusting entry. 4. What is the balance of the Estimated Warranty Liability account as of December 31? Required information [The following information applies to the questions displayed below.] On October 29, Lobo Company 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 retall selling price is $60. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 sold 70 razors for $4,200 cash. Novenber 30 Mecognized warranty expenee related to Novenber nalen with an adjusting entry. Decenber 9 Replaced 14 razorn that were returned under the marranty. Decenber 16 5old 210 razorn for $12,600 cash. Decenber 29 Meplaced 28 razori that were returned under the warkanty, Decenber 31 Recognized varranty expense related to Decenber nalen with an adjustind entry, January 5 sold 140 razorn for $10,400 eash. January 17 Replaced 33 razors that were returned under the warranty, January 31 Reeognized warranty expense related to January saten wleh an adjusting entry; 5. What is the balance of the Estimated Warranty Liability account as of January 31