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Accounting

Soved
Required Information
[The following information applles 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 $16 and its retall selling price is $80. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred.Required:
Prepare journal entries to record above transactions and adjustments.
Journal entry worksheet
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Record the sales revenue of 60 razors for $4,800 cash.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[November 11,,,]]
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