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PLEASE HELP.....Read the information very carefully! The following items were selected from among the transactions completed by Sherwood Co. during the current year Purchased merchandise

PLEASE HELP.....Read the information very carefully!
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The following items were selected from among the transactions completed by Sherwood Co. during the current year Purchased merchandise on account from Kirkwood Co., $402,000, terms n/30 a. 1 Issued a 30-day, 4% note for $402,000 to Kirkwood Co., on account 31 Apr 30 Paid Kirkwood Co. the amount owed on the note of March 31 Borrowed $186,000 from Triple Creek Bank, issuing a 45-day, 4 % note. Jun Jul 1 Purchased tools by issuing a $246,000, 60-day note to Poulin Co., which discounted the note at the rate of 5% 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $186,000. (Journalize both the debit and credit to the notes payable account.) 15 Aug Paid Triple Creek Bank the amount due on the note of July 16. Paid Poulin Co. the amount due on the note of July 1. Purchased equipment from Greenwood Co. for $440,000, paying $120,000 cash and issuing a series of ten 8% notes for $32,000 each, coming due at 30-day 30 Dec 1 intervals. 22 Settled a product liability lawsuit with a customer for $319,500, 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 Required: Journalize the transactions. Refer to the Chart of Accounts for exact wording of account 1. titles. Assume a 360-day year. Round your answers to the nearest dollar. Journalize the adjusting entry for each of the following accrued expenses at the end of 2. the current year (refer to the Chart of Accounts for exact wording of account titles): warranty cost, $29,000 Product a. b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year CHART OF ACCOUNTS Sherwood Co. General Ledger ASSETS REVENUE 410 Sales 110 Cash 610 Interest Revenue 111 Accounts Receivable EXPENSES 112 Interest Receivable 510 Cost of Goods Sold 113 Notes Receivable 520 Salaries Expense 115 Inventory 524 Depreciation Expense-Building 116 Supplies 525 Delivery Expense 118 Prepaid Insurance 526 Repairs Expense 120 Land 529 Selling Expenses 123 Building 531 Rent Expense 124 Accumulated Depreciation-Building 532 Depreciation Expense-Office 125 Office Equipment Equipment 126 Accumulated Depreciation-Office 533 Depreciation Expense-Tools Equipment 534 Insurance Expense 127 Tools 535 Supplies Expense 128 Accumulated Depreciation-Tools 536 Payroll Tax Expense LIABILITIES 537 Vacation Pay Expense 210 Accounts Payable-Kirkwood Co. 538 Pension Expense 211 Accounts Payable-Greenwood Co. 212 Accounts Payable-Poulin Co. 539 Cash Short and Over 540 Product Warranty Expense 213 Interest Payable 541 Miscellaneous Expense 214 Notes Payable 710 Interest Expense 215 Salaries Payable 720 Litigation Loss 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 Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 Litigation Claims Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Scroll down to access page 12 of the journal. Round your answers to the nearest dollar. PAGE 11 JOURNAL ACCOUNTING EQUATION POS DESCRIPTIO . EQUITY DATE DEBIT CREDIT ASSETS LIABILITIES REF. 3 4 5 6 7 8 POS DESCRIPTIO DATE T. DIT CREDIT EQUITY N LIABILITIES ASSETS REF. 12 13 16'1 6 8 23 24 25 6 22 POS DESCRIPTIO DATE DEBIT EQUITY LIABILITIES CREDIT ASSETS N REF 212 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, $29,000 B. Interest on the nine remaining notes owed to Greemwood Co. Assume a 360-day year AGE 12 JOURNAL ACCOUNTING EQUATION POS DATE DESCRIPTION T DEBIT CREDIT ASSETS LIABILITIES EQUITY REF. Adjusting Entries 2 3 4

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