the first journal goes up to 29 not 7
The following items were soloctod from among the transactions comploted by Sherwood Co. during the current yoar: Mar. 1 Purchased merchandise on account from Kirkwood Co., $396,000, terms n/30. 31 Issued a 30-day, 4% note for $396,000 to Kirkwood Co, on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed \$174,000 from Triple Creek Bank, issuing a 45-day, 4\% note. Jul. 1 Purchased tools by issuing a $258,000,60-day note to Poulin Co. which discounted the noto at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a now 30-day, 6.5% note for $174,000. (Joumalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Croek Bank the amount due on the note of July 16. 30 Paid Poulin Co, the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $400,000, paying $114,000 cash and issuing a series of ten 4% notes for $28,600 each, coming due at 30 -day intervals. 22 Settled a product llablity lawsult with a customer for $311,500, payable in January. Accrued the loss in a Iitigation claims payable account. 31 Paid the amount due to Greenwood Co. on the first note in the series issued on December 1. 16 Paid Triple Creok Bank the interest due on the note of June 1 and ronewod the loan by issuing a now 30-day, 6.5% note for $174,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creak Bank the amount due on the note of July 16. 30 Paid Poulin Co, the amount dus on the note of July 1. Dec. 1 Purchased oquipment from Greenwood Co. for $400,000, paying $114,000 cash and issulng a series of ten 4% notes for $28,600 each, coming due at 30-day intervals. 22 Settled a product labllity lawsult with a customer for $311,500, payable in January. Aocrued the loss in a litigation claims payable account. 31 Pald the amount due to Greenwood Co. on the first note in the series issued on December 1. Required: 1. Joumalize the transactions. Refer to the Chart of Accounts for oxact wording of account titios. Assume a 360 -day year. Round your answors to the noarost dollar. 2. Journalze the adjusting entry for each of the following accrued expenses at the end of the curront yoar (refor to the Chart of Accounts for exact wording of account tities): a. Product warranty cost, $28,000. b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day yoat. 1. Joumalize the transactions. Feter to the Chart of Accounts for exact wording of account thes. Assume a 360-day yoar. Scros down to access page 12 of the joumal. Found you answors to the noarest dotar. 2. Journalze the acfusfing entry for each of the following accruot expenses at the ond of the current year (refer to the Chart of Acoounts for exict wording of account tites): A. Product warranty cost, $26,000. 8. Anterest on the nine remaining notes owod to Greenwood Co. Assume a 360-day year
