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 $70. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. Nov. 11 Sold 80 razors for $5,600 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 razors for $16,800 cash. 29 Replaced 32 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 160 razors for $11,200 cash. 17 Replaced 37 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 12 1 6 7 8 2 3 4 5 Record the sales revenue of 80 razors for $5,600 cash. Note: Enter debits before credits. Debit Credit Date General Journal Nov 11 Journal entry worksheet 12 7 7 8 6 4 5 1 N 3 Record the cost of goods sold for 80 razors. Note: Enter debits before credits. Debit Credit General Journal Date Nov 11 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 8 .... 12 Record the estimated warranty expense at 9% of November sales. Note: Enter debits before credits. Date General Journal Debit Credit Nov 30 Journal entry worksheet 12 1 2 ..... 3 5 6 7 8 Record the replacement of 16 razors that were returned under the warranty. Note: Enter debits before credits. Debit Credit Date General Journal Dec 09 Journal entry worksheet 12 7 8 ..... 3 5 6 7 1 4 2 Record the sales revenue of 240 razors for $16,800 cash. Note: Enter debits before credits. Debit Credit Date General Journal Dec 16 Journal entry worksheet 3 4 6 > 5 12 7 8 1 2 Record the cost of goods sold for 240 razors. Note: Enter debits before credits Debit General Journal Date Credit Dec 16 Journal entry worksheet 12 8 7 . 5 6 4. 3 1 2 Record the replacement of 32 razors that were returned under the warranty. Note: Enter debits before credits Debit Credit General Journal Date Dec 29 Journal entry worksheet 12 7 8 6 3 2 1 4 5 Record the estimated warranty expense at 9% of December sales. Note: Enter debits before credits Debit Credit General Journal Date Dec 31 View general Journal Clear entry Record entry Journal entry worksheet 1 4 5 6 7 8 9 12 > Record the sales revenue of 160 razors for $11,200 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Journal entry worksheet > 12 8 10 5 9 12 11 10 7 9 6 8 5 11 12