Required Information Problem 9.4A Warranty expense and liability estimation LO P4 The following information applies to the questions displayed below 05 On October 29, 2017 Lobo Co began operations by purchasing razors for resale Lobo uses the perpetual Inventory method The razors have a 90-day warranty that requires the company to replace any nonworking razor when a razor is returned the company discards and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail seng price is $70 in both 2017 and 2018 The manufacturer has advised the company to expect warranty costs to equal 8% of dollar sales. The following transactions and events occurred 2017 Nov. 11 Sold 70 razors for 54,900 cash. 30 Recognized warranty expertse related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $14,700 cash. 29 Replaced 28 razors that were returned under the warranty 31 Recognized warranty expense related to December sales with an adjusting entry. 2018 Jan 5 Sold 140 razors for $9,800 cash 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. Problem 9-4A Part 1 to prepare journal entries to record above transactions and adjustments for 2017 16. Prepare journal entries to record above transactions and adjustments for 2018 Complete this question by entering your answers in the tabs below Required 1 Beguired 10 are journal entries to record above transactions and adjustments for 2017 Required information Part 1 of 5 1o. Prepare Journal entries to record above transactions and adjustments for 2017 1b. Prepare journal entries to record above transactions and adjustments for 2018 Complete this question by entering your answers in the tabs below. 05 Doints Required 1A Required 18 Prepare journal entries to record above transactions and adjustments for 2017. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the sales revenue of 70 razors for $4,900 cash. Not Enter debts before credits General Journal Debit Credit Nov 11 Chemtry Viewoneralural 109 EXC 2 Required information 10. Prepare journal entries to record above transactions and adjustments for 2017 1b. Prepare journal entries to record above transactions and adjustments for 2018 Ponors 0.5 Jestion by entering your answers in the tabs below. Required 1A DOS Required 1A Required 18 Prepare journal entries to record above transactions and adjustments for 2018. View transaction list Journal entry worksheet Durances 1 2 3 4 Record the sales revenue of 140 razors for $9,800 cash. Notes Enter dobits before credes.. Date General Journal Debit Credit Recondary Clear entry View general oral