Instructions Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Required: a. Joumalize Laughlin Enterprises' entries to record (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indenta credit entry when a credit amount is entered): 1. the issuance of the note on January 1. 2. the payment of the note at maturity. Assume a 360-day year. b. Joumalize Morrison Industries' entries to record (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): 1. the receipt of the note on January 1. 2. the receipt of the payment of the note at maturity. Assume a 360-day year. Chart of Accounts-Laughlin Enterprises Laughlin Enterprises General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Goods Sold 116 Supplies 520 Salaries Expense 118 Prepaid Insurance 524 Depreciation Expense-Building 525 Delivery Expense 120 Land 123 Building 526 Repairs Expense 529 Selling Expenses 124 Accumulated Depreciation-Building 125 Office Equipment 531 Rent Expense 126 Accumulated Depreciation Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 536 Vacation Pay Expense 214 Notes Payable 537 Pension Expense 215 Salaries Payable 538 Cash Short and Over 216 Social Security Tax Payable 539 Product Warranty Expense 217 Medicare Tax Payable 540 Damage Awards and Fines 218 Employees Federal Income Tax Payable 541 Miscellaneous Expense 710 Interest Expense 219 Employees State Income Tax Payable 221 Retirement Savings 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 EPA Fines Payable 230 Litigation Claims Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Chart of Accounts-Morrison Industries CHART OF ACCOUNTS Morrison Industries General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 510 Cost of Goods Sold 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 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 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 126 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 538 Cash Short and Over 216 Social Security Tax Payable 217 Medicare Tax Payable 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscellaneous Expense 710 Interest Expense 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings 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 EPA Fines Payable 230 Litigation Claims Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Journal-Laughlin Enterprises a. Joumalize Laughlin Enterprises' entries to record (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): 1. the issuance of the note on January 1 2. the payment of the note at maturity on February 15. Assume a 360-day year. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLLATION ASSETS LIABILITIES EQUITY 1 2 3 4 5 Journal-Morrison Industries b. Joumalize Morrison Industries' entries to record (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): 1. the receipt of the note on January 1 2. the receipt of the payment of the note at maturity on February 15. Assume a 360-day year. PAGE 2 JOURNAL DATE DESCRIPTION POST. REF. ACCOUNTING FOLIATION ASSETS LIABILITIES EQUITY DEBIT CREDIT 1 2 3 4 5