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 $70. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 Tarors for $4.900 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty 16 Sold 210 FREDS for $14, 700 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 140 Eators for $9.800 cash. 17 Replaced 33 Es that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Connect HW P9-4 Connect W Saved Help Save & E Chec 1. Prepare journal entries to record above transactions and adjustments. of 5 View transaction list Journal entry worksheet 3 4 5 6 7 8 12 Book Record the sales revenue of 70 razors for $4,900 cash. Note: Enter debits before credits. 0 Date ferences General Journal Debit Nov 11 Credit Record entry Clear entry View general journal