make neat and clear use chart account list for description. label amounts debit or credit for Journal entries. Only 4 adjusting journal entries

The following items were selected from among the transactions completed by O'Donnel Co. during the current year Jan. 10. 11. Purchased merchandise on account from Laine Co. $240.000. terms 1/30. Issued a 30 day. 4% note for $240,000 to Laine Co., on account. Paid Laine Co. the amount owed on the note of February Borrowed 5160,000 from Tabata Bank, issuing a 45-day, 5% note. Purchased tools by issuing a $180,000, 60-day note to Gibala Co., which discounted the note at the rate of 5%. Paid Tabata Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day. 7% note for $160,000. (Journalize both the debit and credit to the notes payable account.) Paid Tabata Bank the amount due on the note of June 15. Paid Gibala Co the amount due on the note of June 1 Purchased office equipment from Warick Co. for $400.000, paying $100.000 and issuing a series of ter 5% notes for $30.000 each coming due at 30-day intervals. Settled a product liability wsuit with a customer for $200,000 payable in January O Donnel accrued the loss in a litigation claims payable account Paid the amount due Warick Co on the first note in the senes issued on December 1 July 30. 30. 1. Dec 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 forrad wording of account title A Product warranty cost $23 000 . Interest on the nine remaining notes owe to Wanick Co Abune a 360-day CHART OF ACCOUNTS O'Donnel Co. General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 128 Accumulated Depreciation Office Equipment 127 Tools 128 Accumulated Depreciation-Tools EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 528 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 583 Depreciation Expense-Tools 534 Insurance Expense 535 Supplies Expense 538 Payroll Tax Expense 597 Vacation Pay Expense 598 Pens on Expense LIABILITIES 210 Accounts Payable-Laine Co 211 Accounts Payable-Varick Co. 539 Cash Short and Over 540 Product Warranty Expense 541 Miscellaneous Expense 710 Interest Expense 720 Litigation Loss 212 Accounts Payable-Tabata Bank 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 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 Unerhployment Tax Payable 225 State Unemployment Tax Payable 220 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 Litigation Claims Payable EQUITY 310 Owner Capital 311 Owner. Drawing 312 Income Summary 2. Joumalize the adjusting entry for each of the following accrued expe of the end of the current year (refer to the Chart of Accounts for exaud wording of account Aides): A Product warranty cost $23,000 B. Interest on the nine remaining notes owed to Warick Co. Assume a 360 day year JOURNAL ACCOUNTING EQUATION ASSOTS I BILITIES EQUITY justing en