please dont provide answer in image format thank you   [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 $14 and its retail selling price is $70. The company expects warranty costs to equal 5% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $4,200 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 12 razors that were returned under the warranty. December 16 Sold 180 razors for $12,600 cash. December 29 Replaced 24 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 120 razors for $8,400 cash. January 17 Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry.   4. What is the balance of the Estimated Warranty Liability account as of December 31?

Mystic Magic issued a $140,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for merchandise. Terms of the note are 9-month maturity date on October 1, 2018 at a 10.4% annual interest rate. Amy Arnold does not pay on her account and dishonors the note. On November 10, 2018, Mystic Magic decides to sell the dishonored note to a collection agency for 35% of its value. Record the journal entries for Mystic Magic for the following transactions. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. A. Initial sale on January 1, 2018 B. Dishonored note entry on Oct 1, 2018 C. Receivable sale on November 10, 2018 A. Jan. 1, 2018

Barkers Baked Goods purchases dog treats from a supplier on February 2 at a quantity of 21,000 treats at $1 per treat. Terms of the purchase are 2/10, n/30. Barkers pays half the amount due in cash on February 28 but cannot pay the remaining balance due in four days. The supplier renegotiates the terms on March 4 and allows Barkers to convert its purchase payment into a short-term note, with an annual interest rate of 6 percent, payable in 9 months. Show the entries for the initial purchase, the partial payment, and the conversion. If an amount box does not require an entry, leave it blank. Feb 2. _________ _________ _________           _________ _________ _________  Feb. 28 _________ _________ _________             _________ _________ _________ Mar. 4 _________ _________ _________           _________ _________ _________

Hardev

Fitzpatrick Co. sold $391,000 of equipment during January under a one-year warranty. The cost to repair defects under the warranty is estimated at 3% of the sales price. On August 15, a customer required a $110 part replacement plus $55 of labor under the warranty. Required:   Provide the journal entry for (a) the estimated warranty expense on January 31 for January sales on page 10 of the journal and (b) the August 15 warranty work on page 14 of the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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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 $16 and its retail selling price is $80. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $4,800 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 12 razors that were returned under the warranty. December 16 Sold 180 razors for $14,400 cash. December 29 Replaced 24 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. January 5 Sold 120 razors for $9,600 cash. January 17 Replaced 29 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an…

On July 10, 2020, Tamarisk Music sold CDs to retailers on account and recorded sales revenue of $657,000 (cost $538,740). Tamarisk grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Tamarisk and were granted credit of $84,200.Prepare Tamarisk’s journal entries to record (a) the sale on July 10, 2020, and (b) $84,200 of returns on October 11, 2020, and on October 31, 2020. Assume that Tamarisk prepares financial statement on October 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit (a)                                                             enter an account title to record sales on July 10, 2017 enter a debit amount…

Please don't use chat gpt. Answer the two questions. This are just short. Thank you

Vala