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complete full journal entry Required information [The following information applies...

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Accounting

complete full journal entry
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Required information [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 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. November 11 Sold 105 razors for $7,875 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 15 razors that were returned under the warranty. Decenber 16 Sold 220 razors for $16,500 cash. December 29 Replaced 30 razors that were returned under the warranty. December 31 Recognized warranty expense related to Decenber sales with an adjusting entry. January 5 Sold 150 razors for $11,250 cash. January 17 Replaced 50 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments

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