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this is all one question! thank u! Required information [The following information applies to the questions displayed below) On October 29, Lobo Co. began operations

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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 $14 and its retail selling price is $90. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred, Nov. 11 Sold 89 razors for $7,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 16 razors that were returned under the warranty. 16 Sold 240 razors for $21,600 cash. 29 Replaced 32 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 160 razors for $14,400 cash. 17 Replaced 37 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet 12 Journal entry worksheet 1 2 3 4 LO 6 7 8 12 Record the sales revenue of 80 razors for $7,200 cash. Note: Enter debits before credits. Date General Journal Debit Credit Nov 11 7,200 Cash Sales 7,200 Record entry Clear entry View general journal Journal entry worksheet

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