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On October Lobo Company began operations by purchasing razors for resale. The razors have a 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 $ and its retall selling price is $ The company expects warranty costs to equal of dollar sales. The following transactions occurred.Required:
Prepare journal entries to record above transactions and adjustments.
Journal entry worksheet
Record the sales revenue of razors for $ cash.
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditNovember
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