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Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $366,000, terms n/30. 31 Issued a 30-day, 6% note for $366,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $198,000 from Triple Creek Bank, issuing a 45-day, 8% note. Jul. 1 Purchased tools by issuing a $270,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $198,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $400,000, paying $108,000 cash and issuing a series of ten 8% notes for $29,200 each, coming due at 30-day intervals. 22 Settled a product liability lawsuit with a customer for $320,000, payable in January. Accrued the loss in a litigation claims payable account. 31 Paid the amount due to Greenwood Co. on the first note in the series issued on December 1. Required: 1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Round your answers to the nearest dollar. 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 exact wording of account titles): a. Product warranty cost, $29,000. b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year.CHART OF ACCOUNTS Sherwood Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Inventory 510 Cost of Goods Sold 116 Supplies 520 Salaries Expense 118 Prepaid Insurance 524 Depreciation Expense-Building 120 Land 525 Delivery Expense 123 Building 526 Repairs Expense 124 Accumulated Depreciation-Building 529 Selling Expenses 125 Office Equipment 531 Rent Expense 126 Accumulated Depreciation-Office Equipment 532 Depreciation Expense-Office Equipment 127 Tools 533 Depreciation Expense-Tools 128 Accumulated Depreciation-Tools 534 Insurance Expense 535 Supplies Expense LIABILITIES 536 Payroll Tax Expense 210 Accounts Payable-Kirkwood Co. 537 Vacation Pay Expense 211 Accounts Payable-Greenwood Co. 538 Pension Expense 212 Accounts Payable-Poulin Co. 539 Cash Short and Over 213 Interest Payable 540 Product Warranty Expense 214 Notes Payable 541 Miscellaneous Expense 215 Salaries Payable 710 Interest Expense 216 Social Security Tax Payable 720 Litigation Loss 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 Common Stock 311 Retained Earnings 312 Dividends