Liability transactions 1. EX 10.01 ALGO Instructions Chart of Accounts Journal EX. 10.08 ALGO Instructions 3. Ex 10.09 ALGO The following items were selected from among the transactions completed by Sherwood Co during the current year, 4. EX.10.10 Mar Apr 5. EX.10.12. ALGO 6. EX.10.13.ALGO 7. EX 10.22 ALGO 8. PR.10.01A. BLANKSHEET Jun Jul 1 Purchased merchandise on account from Kirkwood Co 225.000 terms n/30 31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co the amount owed on the note of March 31. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% nole. 1 Purchased tools by issuing a $50,000, 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, 7% note for $600,000. (Journalize both the debt and credit to the notes payable account) 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, Aug C Liability transactions 1. EX 1001 ALGO Instructions Chart of Accounts Journal 2. EX 1000 ALGO 3. EX 10.09 ALGO Instructions Dec 4. EX 10.10 1 Purchased equipment from Greenwood Co. for $280.000, paying $80,000 cash and issuing a series of ten 9% notes for $20.000 each coming due at 30-day intervals 22 Setted a product liability lawsuit with a customer for $40,000, 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 5. EX 10.12 ALGO 6. EX 10.13.ALGO 7. EX 10.22 ALGO 8. PR.10.01A BLANKSHEET Required: 1. Joumaize the transactions. Refer to the Chart of Accounts for exact wording of accounts Assomea 360-day year. 2. Jourmalize the adjusting entry for each of the following accrued expenses at the end of the camere your prefer to the Chart of Accounts for exact wording of account a. Product warranty cost. 565.000 D. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year Check Prius Liability transactions 1. EX.10.01 ALGO Instructions Chart of Accounts Journal HI 2. EX 10.08.ALGO 3. EX.10.09 ALGO Chart of Accounts Sherwood Co. General Ledger 4. EX.10.10 5. EX.10.12 ALGO ASSETS 6. EX 10.13.ALGO REVENUE 410 Sales 610 Interest Revenue 7. EX.10.22 ALGO 8. PR.10.01A BLANKSHEET 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense Check My Work (Previous Previous Progress: 8/8 items Liability transactions 1. EX.10.01 ALGO Instructions Chart of Accounts Journal 2. EX.10.08 ALGO 3. EX. 10.09. ALGO 4. EX 10.10 5. EX 10.12 ALGO 6. EX 10.13.ALGO Chart of Accounts 123 Building 124 Accumulated Depreciation Building 125 Office Equipment 120 Accumulated Depreciation Office Equipment 127 Tools 128 Accumulated Depreciation Tools 7. EX 10.22 ALGO 8. PR.10.01A BLANKSHEET LIABILITIES 210 Accounts Payable-Kirkwood Co. 211 Accounts Payable-Greenwood Co. 212 Accounts Payable-Pouin Co 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 526 Repairs Expense 529 Seling Expenses 531 Rent Expense 522 Depreciation Expense-Office Equipment 533 Depreciation Expense-Tools 534 Insurance Expense 535 Supplies Expense 536 Payroll Tax Expense 537 Vacation Pay Expense 538 Pension Expense 539 Cash Short and Over 540 Product Warranty Expense 541 Miscellaneous Expense 710 Interest Expense 720 Ligation Loss Check My Work Previous Progress BB items 1. EX 10.01 ALGO 2. EX 10.08 ALGO 3. Ex 10.09 ALGO 4. EX 10.10 5. EX 10.12 ALGO Chart of Accounts 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 Loigation Claims Payable 6. EX 10.13 ALGO 7. EX 10 22 ALGO 8. PR.10.01A BLANKSHEET EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends C Liability transactions 1. EX 10.01 ALGO Instructions Chart of Accounts Journal 2. EX 10.08 ALGO 3. EX.10.09 ALGO Journal 4. EX 10.10 1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account tes. Assume a 360-day year Scroll down to access page 12 of the journal 5. EX 10.12. ALGO 6. EX 10.13.ALGO 7. EX 1022 ALGO JOURNAL ACCOUNTING EQUATION CATE DESCRIPTION POST REF SERIT ASSETS UUTIES EQUITY 8. PR.10.01A BLANKSHEET Check My Work Previous Progress / Items Chapter 10 Homework (Application) eBook Show Me How Calculator Liability transactions 1. EX 10.01 ALGO Instructions Chart of Accounts Journal 2. EX.10.08 ALGO 3. EX.10.09 ALGO 4. EX.10.10 Instructions Journal 2. Journalize the acusting 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 accounts: a Product warranty cost $65.000 b. Internet on the nine remaining notes owed to Greenwood Co. Assume a 360-day pear. 5. EX 10.12 ALGO 6. EX 10.13 ALGO 7. EX.10 22 ALGO 8. PR 10.01A BLANKSHEET JOURNAL ACCOUNTING EQUATION POST RER DELIT CREDIT LABUTIES TOUT DESCRIPTION Adjusting Entries 4:00 PM