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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 1 Jul

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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 1 Jul 1 16 Purchased merchandise on account from Kirkwood Co. 5414 000, terms 1/30. Issued a 30-day, 4% note for 5414,000 to Kirkwood Co, on account Paid Kirkwood Co the amount owed on the note of March 31 Borrowed $180,000 from Triple Creek Bank, issuing a 45-day, 4% note Purchased tools by issuing a 5228,000, 60-day not to Poulin Co., which discounted the note at the rate of 6% Pald 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 $180,000. (Joumalize 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 $520,000, paying 590,000 cash and issuing a series of ten 4% notes for 543,000 each coming due at 30-day intervals. Settled a product kability lawsuit with a customer for S315,000, payable in January, Accrued the loss in a litigation daims payable account Paid the amount due to Greenwood Co on the first note in the series issued on December 1 Aug 15 30 Dec 1 22 31 Required: 1. Joumalize the transactions. Refer to the Chart of Accounts for exact wording of account titles Assume a 360-day year Round your answers to the nearest dollar 2. Journakze the actusting 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 $26,500 b. Interest on the nine remaining notes owed to Greenwood Co Assume a 360-day year POET JOURNAL Score: 229/360 ACCOUNTING EQUATION DATE DESCRIPTION POSTRO GET CREDIT ASES Lunes 1 BOUT Mat 1 Inventory 414,000.00 2 M 414,000.00 3 Mar 31 Accounts Payable-Krowood Co. Accounts Payable Kirkwood Co. Notes Payable 414,000.00 414,000.00 $ Apr 10 Notes Payable 414,000.00 + Interest Expense 1.580.00 2 Casi 415,380.00 . unt Cash 180,000.00 1 180.00000 Notes Payable JUL 1 Tools 218,000.00 11 228000.00 15.680.00 13,680.00 Notes Payable Interest Expense Jul 16 Interest Expert Notes Payable 0 Cast Notes Payable 10 10 Aug 15 Interest Expense Notes Payable Cash Aug 50 Notes Payable Cash 71 17 Dec 1 pment 23 34 S Dec 22 20 3 5 5 5 JOURNAL Scores 0/51 ACCOUNTING EQUATION POIT DIT DO Adjusting Entries UAB 1

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