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CHO9 ExCri Saved 2 On October 29, 2017, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. 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 $80 in both 2017 and 2018. The manufacturer has advised the company Part 1 of 5 to expect warranty costs to equal 7% of dollar sales. The following transactions and events occurred. 2017 Nov. 11 Sold 70 razors for $5, 600 cash. 0.5 30 Recognized warranty expense related to November sales with an adjusting entry. points Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $16,800 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. eBook 2018 Jan. 5 Sold 140 razors for $11, 200 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Problem 9-4A Part 1 References 1a. Prepare journal entries to record above transactions and adjustments for 2017. 1b. Prepare journal entries to record above transactions and adjustments for 2018. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Prepare journal entries to record above transactions and adjustments for 2017. View transaction list