Required information [The following information applles 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 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 7% of dollar sales. The following transactions occurred. Noverber 11 Sold 50 razors for $3,500 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 Sold 150 razors for $10,590 cash. Decenber 29 Replaced 20 razors that were returned under the warranty. December 31 Recognized varranty expense related to December sales with an adjusting entry. January 5 Sold 100 razors for $7,000 cash. January 17 Replaced 25 razors that were returned under the warranty. January 31 Recognized wacranty expense related to January sales with an adjusting entry. Journal entry worksheet 3456 Record the sales revenue of 50 razors for $3,500 cash. Note: Enter debits before credits