CHART OF ACCOUNTS

Shin Co.

General Ledger

	ASSETS
110	Cash
111	Accounts Receivable
112	Interest Receivable
113	Notes Receivable
115	Merchandise Inventory
116	Supplies
118	Prepaid Insurance
120	Land
123	Building
124	Accumulated Depreciation-Building
125	Office Equipment
126	Accumulated Depreciation-Office Equipment
127	Tools
128	Accumulated Depreciation-Tools

	LIABILITIES
210	Accounts Payable-Beckham Co.
211	Accounts Payable-Lambert Co.
212	Accounts Payable-Verity Bank
213	Interest Payable
214	Notes Payable
215	Salaries Payable
216	Social Security Tax Payable
217	Medicare Tax Payable
218	Employees Federal Income Tax Payable
219	Employees State Income Tax Payable
220	Group Insurance Payable
221	Bond Deductions Payable
224	Federal Unemployment Tax Payable
225	State Unemployment Tax Payable
226	Vacation Pay Payable
227	Unfunded Pension Liability
228	Product Warranty Payable
229	Litigation Claims Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing

REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
520	Salaries Expense
524	Depreciation Expense-Building
525	Delivery Expense
526	Repairs Expense
529	Selling Expenses
531	Rent Expense
532	Depreciation Expense-Office Equipment
533	Depreciation Expense-Tools
534	Insurance Expense
535	Supplies Expense
536	Payroll Tax Expense
537	Vacation Pay Expense
538	Pension Expense
539	Cash Short and Over
540	Product Warranty Expense
541	Miscellaneous Expense
710	Interest Expense
720	Litigation Loss

Instructions The following homs were selected from among the transactions completed by Shin Coduring the current year Jan 10 Purchased merchandise on account from Beckham Co.5395,000, terms 130 Feb Issued a 30-day, 6 note for $365,000 to Beckham Co on account Mar 11 Paid Beckham Co the amount owed on the note of February 1 Bomed $198.000 from Verty Bank, issuing a 45-day, since June 1 Purchased tools by issuing a $270,000, 60-day note to Rassmuessen Co, which discounted the note at the rate of 6% 15 Paid Verty Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day 6.5% note for $198.000. Joumalize both the debt and credit to the notes payable account) July > Paid Verty Bank the amount out on the note of June 15 50 Paid Rasmussen co the amount out on the note of June 1. Dec 1 Purchased office equipment from Lambert Co. for $400,000, paying $108,000 and issuing a series of ten 8 notes for 529,200 each, coming due at 30-day intervals. 15 Settled a product ability lawsuit with a customer for $320,000, payable in January, Shin accrued the loss in a pation claims payable account 31 Paid the amount due Lambert Co. on the first not in the series issued on December 1. Required: 1. Journalize the transactions Pater to the chart of accounts for the exact wording of the account the CNOWjoumails do not use lines for journal explanations. Every line on a journal page is used for det or credit entries CNOW journals will automatically indere a credit entry when a credit amount is entered. Assume 360-day yeur Pound your answers to the nearest dollar 2. Jaunate the acusting entry for each of the following accrued expenses at the end of the current year (efer to the chart of accounts for the Gract wording of the accounts. CNOW at do not use lines for journal explanations. Every line on a journal pageied for for credit entries CNOW ouma wil utomatically indent a credit entry when a credit amount is entered Product warranty cost $29,000 Interest on the nine remaining need to Lambert Co. Assume a 360-day your 1. Joumice the transactions. Refer to the chart of accounts for the exact wording of the accounts. CNOW journals do not use lines for journal artions Every line on a journal page is used for debtor credit entries CNOW sumals will automatically inderea credit entry when a credit anunt is eredAssume a 360-day year Scroll down to C Pago 12 crore journal Round your answers to the nearest dollar. All transactions on this page must be entered (except for post ref) before you will receive Check My Work feedback JOURW. Scorei 15/340 PAGE 1 ACCOUNTING EQUATION ASSETS BUITIES EQUITY POSTER BET 366.000.00 3 DESCRIPTION Jan. 10 Inventory Accounts Payableware Co Feb. 2 366.000.00 1 3 24 31 15 34 11 23 31 21 Points 288/60 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year (Refer to the chart of accounts for the 0304pean sed noe our sounds and your nou cosun MONO seus o Bupio per credit entries CNOW Juma's wif automatically indere a credit and when a credit amount is entered) a. Product anycost $29.000 b. Interest on the nine remaining notes owed to Lambert Co. Assume a 360 day your Questionnee attempted. menor Score: 0/51 ACCOUNTING EQUATION DATE 1504 DET CREDIT ASSETS LIBUTES EQUITY DESCRIPTION Adjusting Entries 3 Points 0/10