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5 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 $80. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 razors for $5,600 cash. 30 Recognized warranty expense related to Novenber sales with an adjusting entry. 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. 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. OOK rences 1. Prepare journal entries to record above transactions and adjustments. View transaction ist Journal entry worksheet 12 1 Record the sales revenue of 70 razors for $5,600 cash 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. are journal entries to record above transactions and adjustments. V transaction list Journal entry worksheet Record the cost of goods sold for 210 razors. Note: Enter debits before credits Prepare journal entries to record above transactions and adjustments. View transaction list Journal entry worksheet