work 6 ! 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 $20 and its retail selling price is $75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred Nov. 11 Sold 105 razors for $7,875 cash 30 Recognized warranty expense related to November sales with an adjusting entry Dec. 9 Replaced 15 razors that were returned under the warranty. 16 Sold 220 razors for $16,500 cash. 29 Replaced 30 rators that were returned under the warranty 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 150 razors for $11,250 cash 17 Replaced 50 razors that were returned under the warranty 31 Recognized warranty expense related to January sales with an adjusting entry. OK Required: 1. Prepare journal entries to record above transactions and adjustments. erences View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Record the sales revenue of 105 razors for $7,875 cash Not Enter debits bolore credit General Journal Debit Credit Date Nov 11 Record entry Clear entry View general