Question: 12 journal entries in total please Required information Problem 9.4A (Algo) Estimating warranty expense and liability LO P4 [The following information applies to the questions

12 journal entries in total please
12 journal entries in total please Required information Problem 9.4A (Algo) Estimating

Required information Problem 9.4A (Algo) Estimating warranty expense and liability LO P4 [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 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 $80. The company expects warranty cosis to equal 796 of dollar sales. The following transactions occurred. November 11 sold 60 razors for $4,800 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 12 razorn that were returned under the warranty. December 16 sold 180 razors for $14,400 cash. December 29 Replaced 24 razora that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 sold 120 razors for $9,600 cash. January 17 Replaced 29 razora that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry

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