eBook Show Me How Chart of Accounts Instructions Journal Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year. Mar. 1 31 Apr 30 Purchased merchandise on account from Kirkwood Co. $414,000, terms n/30. Issued a 30-day, 4% note for $414,000 to Kirkwood Co., on account. Paid Kirkwood Co the amount owed on the note of March 31. Borrowed $180,000 from Triple Creek Bank, issuing a 45-day, 4% note. Purchased tools by issuing a $228,000.00-day note to Poulin Co., which discounted the note at the Jun 1 Jul 1 rate of 696 16 Aug 15 30 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 0.5% note for $180,000 (Journalize both the debit and credit to the notes payable account.) Paid Triple Creek Bank the amount due on the note of July 16. Paid Poulin Co the amount due on the note of July 1. Purchased equipment from Greenwood Co. for $520,000. paying $90,000 cash and issuing a series of ten 4% notes for 543,000 each. coming due at 30-day intervals. Settled a product liability lawsuit with a customer for S315,000 payable in January. Accrued the loss in a litigation claims payable account. Dec 1 22 31 Paid the amount due to Greenwood Co. on the first note in the series issued on December 1 Required: 1. Joumalize the transactions Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Round your answer the nearest dollar 2. Journalize the adjusting entry for esch of the following accrued expenses at the end of the current year (refer to the Chart of Accounts for a wording of account titlen Check My Work eBook Show Me How How does grading work? JOURNAL Score: 318/360 ACCOUNTING POST. REF. DEBIT CREDIT ASSETS LIABIL 1 414,000.00 1 2 414,000.00 3 414,000.00 DATE DESCRIPTION Mar. 1 Inventory Accounts Payable Kirkwood Co. Mar 31 Accounts Payable-Kirkwood Co. Notes Payable Apr. 30 Notes Payable Interest Expense Cash 4 414,000.00 5 414,000.00 3,105.00 417,105.00 Jun 1 Cash 180,000.00 3 Notes Payable 180,000.00 30 JUL. 1 Tools 226,800.00 1,200.00 11 12 225,000.00 Interest Expense Notes Payable Jul 16 Notes Payable Interest Expense 11 180,000.00 1,950.00 46 Notes Payable 178,050.00 1,950,00 Cash Aug 15 Notes Payable Interest Expense Check My Work All work saved ebook Show Me How 3 JUL 16 14 Notes Payable Interest Expense Notes Payable 180,000.00 1,950.00 15 16 Cash 178,050.00 1,950.00 13 Aug. 15 Notes Payable Interest Expense 16 19 Cash 20 Aug 30 Notes Payable 43,000.00 21 Cash 45,000.00 22 Dec 1 Office Equipment Notes Payable 520,000.00 15 34 43,000.00 Cash 90,000.00 25 315,000.00 24 Dec 22 Litigation Loss Litigation Claims Payable Dec 31 Notes Payable Interest Expense 315,000.00 21 43,000.00 20 29 Cash 2. Journalize the adjusting entry for each of the following corved expenses at the end of the current year (refer to the Chart of Accounts for wording of accounties Check My Work 2 Jourse the adjusting entry for each of the following accrued expenses at the end of the current your refer to the Chart of Account for exact wording of account A Product warranty cost $26,300 B. Internat on the nine romaning note oued to Greenwood Co. Assume 360 day you Question not attempted IMAGE JOURNAL Score: 0/51 ACCOUNTING EQUATION DATE POSTAO DUIT DESCRIPTION Adjusting Entries CREDIT ASSETS LABILITIES 1 EQUITY 2 1 3 Points Feedback Check My Work if you were the borrower how much would you be leaving with in proceeds? What does the liability always have to be recorded at
