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 $13 and its retail selling price is $80. The company expects warranty costs to equal 7% 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. 11a 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 razors for $9,600 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. View transaction list Journal entry worksheet Record the cost of goods sold for 60 razors. Note: Enter debits before credits. General Journal Debit Credit Date Nov 11 Record entry Clear entry View general journal View transaction list Journal entry worksheet ..... Record the estimated warranty expense at 7% of November sales. Note: Enter debits before credits. General Journal Debit Credit Date Nov 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cost of goods sold for 180 razors. Note: Enter debits before credits. General Journal Debit Credit Date Dec 16 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the replacement of 24 razors that were returned under the warranty. Note: Enter debits before credits. General Journal Debit Credit Date Dec 29 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the estimated warranty expense at 7% of December sales. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the sales revenue of 120 razors for $9,600 cash. Note: Enter debits before credits. General Journal Debit Credit Date Jan 05 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 .... 5 6 7 8 9 10 11 12 > Record the cost of goods sold for 120 razors. Note: Enter debits before credits. General Journal Debit Credit Date Jan 05 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 .... 5 6 7 8 9 10 11 12 > Record the cost of goods sold for 120 razors. Note: Enter debits before credits. General Journal Debit Credit Date Jan 05 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 .... 5 6 7 8 9 9 10 11 12 > Record the replacement of 29 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 View transaction list Journal entry worksheet