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can you answer this accounting question for me ( BA 212) Liability Transactions The following items were selected from among the transactions completed by Sherwood
can you answer this accounting question for me ( BA 212)
Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Mar. 17. May IS. June 15. July 21. Aug. 14. Oct. 13. Oct. 19. Dec. 1. Dec. 12. Dec. 31. Req uired: Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Issued a So-day, note for $144,000 to Kirkwood Co., on Paid Kirkwood Co. the amount owed on the note of March 17. Borrowed $165,600 from Triple Creek Sank, issuing a So-day, note. Purchased tooLs by issuing a $102,000, go-day note to Poulin Co., which discounted the note at the rate of Paid Triple Creek Sank the interest due on the note of June IS and renewed the loan by issuing a new 60-day, note for $165,600. (Journalize both the debit and credit to the notes payable account.) Paid Triple Creek Sank the due on the note of August 14. Paid Poulin Co. the amount due on the note of July 21. Purchased office equipment from Greenwood Co. for $96,000, paying $16,000 cash and issuing a series of ten notes for $8,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $60,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due to Greenwood Co. on the first note in the series issued on December I. I. Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a 3SO-day year. If required, round to one decimal place. Don't round the intermediate calculations. For a compound transaction, accounts should be listed largest to smallest. Date Feb. 1 s Mar. 17 Acco unt Debit Credit
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