Liability Transactions

The following items were selected from among the transactions completed by Shin Co. during the current year:

Jan. 10.	Purchased merchandise on account from Beckham Co., $144,000, terms n/30.
Feb. 9.	Issued a 30-day, 8% note for $144,000 to Beckham Co., on account.
Mar. 11.	Paid Beckham Co. the amount owed on the note of February 9.
May 1.	Borrowed $175,200 from Verity Bank, issuing a 45-day, 9% note.
June 1.	Purchased tools by issuing a $87,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 9%.
15.	Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $175,200. (Journalize both the debit and credit to the notes payable account.)
July 30.	Paid Verity Bank the amount due on the note of June 15.
30.	Paid Rassmuessen Co. the amount due on the note of June 1.
Dec. 1.	Purchased office equipment from Lambert Co. for $132,000, paying $22,000 and issuing a series of ten 5% notes for $11,000 each, coming due at 30-day intervals.
15.	Settled a product liability lawsuit with a customer for $83,000, payable in January. Shin accrued the loss in a litigation claims payable account.
31.	Paid the amount due Lambert Co. on the first note in the series issued on December 1.

Required:

1. Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year. Don't round the intermediate calculations and round the final answers to the nearest dollar amount.

For a compound transaction, accounts should be listed largest to smallest.

Date	Account	Debit	Credit
Jan. 10		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6
Feb. 9		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12
Mar. 11		fill in the blank 14	fill in the blank 15
		fill in the blank 17	fill in the blank 18
		fill in the blank 20	fill in the blank 21
May 1		fill in the blank 23	fill in the blank 24
		fill in the blank 26	fill in the blank 27
June 1		fill in the blank 29	fill in the blank 30
		fill in the blank 32	fill in the blank 33
		fill in the blank 35	fill in the blank 36
June 15		fill in the blank 38	fill in the blank 39
		fill in the blank 41	fill in the blank 42
		fill in the blank 44	fill in the blank 45
		fill in the blank 47	fill in the blank 48
July 30		fill in the blank 50	fill in the blank 51
		fill in the blank 53	fill in the blank 54
		fill in the blank 56	fill in the blank 57
July 30		fill in the blank 59	fill in the blank 60
		fill in the blank 62	fill in the blank 63
Dec. 1		fill in the blank 65	fill in the blank 66
		fill in the blank 68	fill in the blank 69
		fill in the blank 71	fill in the blank 72
Dec. 15		fill in the blank 74	fill in the blank 75
		fill in the blank 77	fill in the blank 78
Dec. 31		fill in the blank 80	fill in the blank 81
		fill in the blank 83	fill in the blank 84
		fill in the blank 86	fill in the blank 87

2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: (a) product warranty cost, $15,000; (b) interest on the nine remaining notes owed to Lambert Co. Assume a 360-day year. Round your answers to the nearest dollar amount.

Item	Account	Debit	Credit
a.		fill in the blank 89	fill in the blank 90
		fill in the blank 92	fill in the blank 93
b.		fill in the blank 95	fill in the blank 96
		fill in the blank 98	fill in the blank 99