he 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., $420,000, terms n/30. Feb. 9 Issued a 30-day, 6% note for $420,000 to Beckham Co., on account. Mar. 11 Paid Beckham Co. the amount owed on the note of February 9. May 1 Borrowed $240,000 from Verity Bank, issuing a 45-day, 5% note. June 1 Purchased tools by issuing a $312,000,60-day note to Rassmuessen Co., which discounted the note at the rate of 5%. 15 Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45 -day, 7% note for $240,000. (Joumalize both the debit and credit to the notes payable account.) July 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 $700,500 paying $160,500 and issuing a series of ten 5% notes for $54,000 each, coming due at 30 -day intervals. 15 Settled a product liability lawsuit with a customer for $144,200 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 series issued on December 1. Required: 1. Joumalize the transactions. Refer to the chart of accounts for the exact woroling of the account titles. CNOWV joumals olo not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW/oumals will automatically inoent a credit entry when a credit amount is entered. Assume a 360 -day year. 2. Joumalize 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 exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW/joumais wil automatically indent a credit entry when a credit amount is entered): a. Froduct warranty cost, $19,500. b. Interest on the nine remaining notes owed to Lambert Co. Assume a 360-day year