Instructions Mar 1 Purchased merchandise on account from Galston Co., $414,000, terms n/30 Issued a 30-day, 4% note for $414,000 to Galston Co., on account. Paid Galston Co. the amount owed on the note of March 31 Borrowed $180,000 from Pilati Bank, issuing a 45-day, 4% note 31 Apr. 30 1 Jul 1 Purchased tools by issuing a $228,000, 60-day note to Zegna Co., which discounted the note at the rate of 6% Paid Pilati Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $180,000. (Journalize both the debit and credit to the notes payable account.) Paid Pilati Bank the amount due on the note of July 16 Paid Zegna Co. the amount due on the note of July 1 16 Aug 15 30 Dec. 1 Purchased office equipment from Taylor Co. for $520,000, paying $90,000 and issuing a series of ten 496 notes for $43,000 each, coming due at 30-day intervals Settled a product liability lawsuit with a customer for $315,000, payable in January Pioneer accrued the loss in a litigation claims payable account. Paid the amount due Taylor Co. on the first note in the series issued on December 1 22 31 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, $26,500. B. Interest on the nine remaining notes owed to Taylor Co. Assume a 360-day year