following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10. Purchased merchandise on account from Beckham CO.,$144,000, terms n/30. Feb. 9. Issued a 30 -day, 7% note for $144,000 to Beckham Co., on account. Mar, 11. Paid Becktiam Co. the amount owed on the note of February 9. May 1. Borrowed $165,600 from Verity Bank, issuing a 45 -day, 8% note. June 1. Purchased tools by issuing a $81,000,60-day note to Rassmuessen C0., which discounted the note at the rate of 6%. 15. Paid Verity Bank the interest due on the note of May 1 and renewed the foan by issuing a new 45 -day, 7% note for $165,600. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Verity Bank the amount due on the note of June 15. 30. Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Lambert Co. for $108,000, paying $18,000 and issuing a series of ten 5% notes for $9,000 each, coming due at 30 -day intervals. 15. Settled a product liability lawsut with a customer for $72,000, payable in January. Shin accrued the loss in a litigation claims payable account. 31. Paid the amount due Lambert Co, on the first note in the senes issued on December 1. 1. Joumalize the transactions, If an amount box does not require an entry, leave it blank. Assume a 360 -day year, Don't round the intermediate calculations and round the final answers to the nearest dollar amount. For a compound transaction, accounts shiould be fisted largest to smallest. following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10. Purchased merchandise on account from Beckham CO.,$144,000, terms n/30. Feb. 9. Issued a 30 -day, 7% note for $144,000 to Beckham Co., on account. Mar, 11. Paid Becktiam Co. the amount owed on the note of February 9. May 1. Borrowed $165,600 from Verity Bank, issuing a 45 -day, 8% note. June 1. Purchased tools by issuing a $81,000,60-day note to Rassmuessen C0., which discounted the note at the rate of 6%. 15. Paid Verity Bank the interest due on the note of May 1 and renewed the foan by issuing a new 45 -day, 7% note for $165,600. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Verity Bank the amount due on the note of June 15. 30. Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Lambert Co. for $108,000, paying $18,000 and issuing a series of ten 5% notes for $9,000 each, coming due at 30 -day intervals. 15. Settled a product liability lawsut with a customer for $72,000, payable in January. Shin accrued the loss in a litigation claims payable account. 31. Paid the amount due Lambert Co, on the first note in the senes issued on December 1. 1. Joumalize the transactions, If an amount box does not require an entry, leave it blank. Assume a 360 -day year, Don't round the intermediate calculations and round the final answers to the nearest dollar amount. For a compound transaction, accounts shiould be fisted largest to smallest
