Liability Transactions

follewing items were selected from among the transactione completed by Sherwood Co. during the currerit year: Mar. 1 Purchased merchandise on acoount from Kikwood Co., 5372,000, terms rs30. 31 Issued a 30-day, 4\% nole for $372,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co, the amount owed on the note of March 31. Jun. 1 Borrowed 5150,000 from Triple Creok Bank, issuing a 45-dey, BN, note. Au. 1 Purchased toois by issuing a 5276.000, 60-day note to Poulin Co., which discounted the note at the take of 6y: 16. Paid Triple Creek Pank the interest due on the note of fune. 1 and renewed the loan by issuing a new 30 -day, 6.5% mole for 5150.000. (Joumalize both the debit and eredit to the notes payable account.) Aun. 15. Paid Tripin Creek Bark the armount due on the note of July 16 . 30. Paid Poulin Co, the arnount due on the note of July 1. Dec. 1 Purchased equipment from Creenwood Co. for $540,000, paylng $108, 000 cash and issuing a series of ten 4\$. notes for 843,200 each, coming dive at 30 -day intervals. 22. Betsed a product liablity lawsult with a customer tor $300,600, payable in January. Accruod the loss in a itigation claime payable account. 31. Paid the amount due to Greenwood Co. on the first note in the saries issued on December f. Peguired: 1. soumalize the transaceiors. Assume a 360-day year. 2. sownalire the acpunting entry for each of the following accrued expenses at the end of the current yoar: a. Phodict wantant oust ses, 000 b. hthereat on the nine renaining notes owed to Greenwood Co. Assume a s60-day yoar