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please i really need help with this! the first general journal should have 29 lines !! The following items were selected from among the transactions

please i really need help with this! image text in transcribed
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the first general journal should have 29 lines !!
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The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 31 30 Apr. Jun. Purchased merchandise on account from Kirkwood Co., $215,000, terms n/30. Issued a 30-day, 6% note for $215,000 to Kirkwood Co., on account. Paid Kirkwood Co the amount owed on the note of March 31. Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 8% note. Purchased tools by issuing a $60,000, 60-day note to Poulin Co., which discounted the note at the rate 1 Jul. 1 of 6% 16 Aug 15 30 Dec 1 1 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 9% note for $400,000. (Journalize both the debit and credit to the notes payable account.) 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 $320,000, paying $120,000 cash and issuing a series of ten 6% notes for $20,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $50,000, 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. 22 31 Required: 1. Journalize the transactions. Assume a 360-day year. 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: a. Product warranty cost, $70,000. b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year. 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: a Product warranty cost, $70,000, b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year, General Journal Instructions PAGE 12 JOURNAL ACCOUNTING EQUATION DATE POST. RET DEBIT CREDIT ASSETS LABILITIES EQUITY DESCRIPTION Adjusting Entries 1 3 4 5

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