Liability transactions Chart of Accounts Journal Instructions ten 9% notes for $20,000 each, coming due at 30-day intervals. 22 Settled a product liability lawsuit with a customer for $40,000, payable in January, Accrued the loss in a litigation claims payable account. Paid the amount due to Greenwood Co. on the first note in the series issued on December 1. 31 Required: 1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year 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, 565,000 b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year. Liability transactions Chart of Accounts Journal Instructions ten 9% notes for $20,000 each, coming due at 30-day intervals. 22 Settled a product liability lawsuit with a customer for $40,000, payable in January, Accrued the loss in a litigation claims payable account. Paid the amount due to Greenwood Co. on the first note in the series issued on December 1. 31 Required: 1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year 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, 565,000 b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year