Requlred 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 9% of dollar sales. The following transactions occurred. November 11 Sold 70 razors for $4,2e9 cash. November 36 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 razors for $12,66 cash. December 29 Replaced 28 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 sold 140 razors for $8,490 cash. January 17 Replaced 33 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. Requlred: 1. Prepare journal entries to record above transactions and adjustments. Journal entry worksheet Note: Enter debits before credits