McGraw-Hill Connect X Question 3 - Chapter 11 home X Dashboard X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddlewar... M Gmail https://www.maco... Rate My Professor... YouTube Netflix https://portal.myp... N Netflix Connect @ the use McGraw-Hill Conn... C Home | Chegg.com Chapter 11 homework problems i Saved Help Save & Exit Submit Check my work 3 Required information Part 1 of 5 [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. 1.14 When a razor is returned, the company company discards it and mails a new one from Merchandise Inventory to the customer. The points company's cost per new razor is $14 and its retail selling price is $70. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $3,500 cash. BOOK November 30 Recognized warranty expense related to November sales with an adjusting entry. for $10,soo returned under the warranty. December 16 Sold 150 razors for $10,500 cash. December 29 Re re returned under the warranty; Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 100 razors for $7,000 cash. January 17 Replaced 25 razors that were returned under the warranty; January 31 Recognized warranty expense related to January sales with an adjusting entry. Required: . Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 12 Record the sales revenue of 50 razors for $3,500 cash Note: Enter debits before credits. Date General Journal Debit Credit November 11 Record entry Clear entry View general journal McGraw-Hill Connect X Question 4 - Chapter 11 homev X Dashboard X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddlewar... @ M Gmail https://www.maco... Rate My Professor... YouTube N Netflix https://portal.myp... N Netflix Connect the use McGraw-Hill Conn... C Home | Chegg.com Chapter 11 homework problems i Saved Help Save & Exit Submit Check my work 4 Required information Part 2 of 5 [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. 1.14 When a razor is returned, the company company discards it and mails a new one from Merchandise Inventory to the customer. The points company's cost per new razor is $14 and its retail selling price is $70. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $3,500 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. e Book for $10,soo returned under the warranty. December 16 Sold 150 razors for $10,500 cash. December 29 Replaced 20 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 100 razors for $7,000 cash. January 17 Re der the warranty; January 31 Recognized warranty expense related to January sales with an adjusting entry. 2. How much warranty expense is reported for November and for December? Warranty expense for November Warranty expense for December McGraw-Hill Connect X Question 5 - Chapter 11 homew X Dashboard X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddlewar... @ M Gmail https://www.maco... Rate My Professor... YouTube Netflix https://portal.myp... N Netflix Connect the use McGraw-Hill Conn... C Home | Chegg.com Chapter 11 homework problems i Saved Help Save & Exit Submit Check my work 5 Required information Part 3 of 5 (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. 1.14 When a razor is returned, the company company discards it and mails a new one from Merchandise Inventory to the customer. The points company's cost per new razor is $14 and its retail selling price is $70. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $3,500 cash. BOOK November 30 Recognized warranty expense related to November sales with an adjusting entry. for $10, soo returned under the warranty. December 16 Sold 150 razors for $10,500 cash. December 29 Re Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 100 razors for $7,000 cash. January 17 Replaced 25 razors that were returned under the warranty; January 31 Recognized warranty expense related to January sales with an adjusting entry. References 3. How much warranty expense is reported for January? Warranty expense McGraw-Hill Connect X Question 7 - Chapter 11 homew X Dashboard X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddlewar... @ M Gmail https://www.maco... Rate My Professor... YouTube N Netflix P https://portal.myp... N Netflix Connect the use McGraw-Hill Conn... C Home | Chegg.com Chapter 11 homework problems i Saved Help Save & Exit Submit Check my work Required information Part 5 of 5 [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. 1.16 When a razor is returned, the company company discards it and mails a new one from Merchandise Inventory to the customer. The points company's cost per new razor is $14 and its retail selling price is $70. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $3,500 cash. BOOK November 30 Recognized warranty expense related to November sales with an adjusting entry. for $10, soo returned under the warranty. December 16 Sold 150 razors for $10,500 cash. December 29 Re Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 100 razors for $7,000 cash. January 17 Replaced 25 razors that were returned under the warranty; January 31 Recognized warranty expense related to January sales with an adjusting entry. 5. What is the balance of the Estimated Warranty Liability account as of January 31? Estimated warranty liability balance