Instructions The following items were so facted from among the transactions completed by Shin Co. during the current year: Jan. Feb. 9 ME 11 May 1 June 1 10 Purchased merchandise on account from Beckham Co., $414,000, terms 1/30. Issued a 30-day, 4% note for $414,000 to Beckham Co., on account Paid Beckham Co the amount owed on the note of February 9. Borrowed $180,000 from Verity Bank, issuing a 45-day, 4% note. Purchased tools by Issuing a $228,000, 60-day note to Rassmuessen Co., which discounted the noto at the rate of 6%. 15 Pald Verity Bank the Interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 6.5% note for $180,000. (Journalize both the dobit and credit to the notes payable account) 30 Pald Verity Bank the amount duo on the note of June 15. 30 Paid Rassmuessen Co, the amount duo on tip noto of June 1. Purchased office equipment from Lambert Co, for $520,000, paying $90,000 and issuing a series of ten 4% notes for $43,000 each, coming due at 30-day intervals. Sottled a product liability lawsuit with a customer for $315,000, payable in January, Shin accrued the loss in a litigation claims payablo account. Pald the amount due Lambert Co. on the first note in the series issued on December 1 July Dec 1 15 31 Required: 1. Journalize the transactions. Refer to the chart of accounts for the exact wording of the account bites. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a creditentry when 15 paying issum NSU 4% notes for $43,000 each, coming due at 30-day intervals. Settled a product inbility lawsuit with a customer for $315,000, payable in January. Shin accrued the loss in a litolog claims payable account Paid the amount due Lambert Co. on the first note in the series issued on December 1. 31 Required: 1. Joumalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for Joulanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when Famount is entered. Assume a 360-day year. Round your answers to the nearest dollar gumalize the adjusting entry for ench of the following accrued expenses at the end of the current year (rator to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use lines for journal explanations. Every Mne on a journal page is used for debutor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): - Product warranty cost $26,500 b. Interest on the nine remaining notes owed to Lambert Co. Assume a 360-day year. Chart of Accounts CHART OF ACCOUNTS Shin Co. General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Accounts Receivable 810 Interest Revenue ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory EXPENSES 510 Cost of Merchandise Sold 116 Supplies 520 Salaries Expense 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 127 Tools 128 Accumulated Depreciation Tools 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expenso 532 Depreciation Exponse-Office Equipment 533 Depreciation Expense-Tools 534 Insurance Expense 535 Supplies Expense 536 Payroll Tax Expense 537 Vacation Pay Expense 538 Pension Expenso LIABILITIES 210 Accounts Payable-Beckham Co. 211 Accounts Payable-Lambert Co. 212 Accounts Payable-Verity Bank 213 Interest Payable 214 Notes Payable 539 Cash Short and Over 540 Product Warranty Expense 541 Miscellaneous Expense Journal 1. Journalize the transactions. Refer to the chart of accounts for the exact wording of the accountries. CNOW Jumals do not use lines for journal explanations. Every time ont aura page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Assume a 300-day year. Scroll down to access page 12 of the journal. Round your answers to the nearest dollar. IMGENI JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REE DET CREDIT ASSETS LITIES 1 + 11 > COWOK MacBook Air Cong Book Show Me How 12 13 15 18 19 20 21 23 24 15 20 I 27 21 2. Joumalire the adjusting entry for each of the following accrued expenses at the end of the current are the chart for exact wording of the accountitle. CNOW Jumals do not use ines for journal explanations Berine on a jumpared for at creditan CNOW Journals will automatically indent a credit entry when a crede amounts and 21 29 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 the exact wording of the account titles. CNOW journals do not use tines for journal explanations. Every Nine on a journal page is used for diabit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): a. Product warranty cost, $26,500 b. Interest on the nine remaining notes owed to Lambert Co. Assume a 360-day year JOURNAL ACCOUNTING EQUATION DATE POSTER DERIT CREDIT LAMUT TOUT DESCRIPTION Adjusting Entries 1 2 Previous Next Check My Work Emal instructor Save and Submet Aliment for a