Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following items were selected from among the transactions completed by Pioneer Co. during the current year: Mar. 1 Purchased merchandise on account from Galston
The following items were selected from among the transactions completed by Pioneer Co. during the current year:
Mar. | 1 | Purchased merchandise on account from Galston Co., $372,000, terms n/30. |
31 | Issued a 30-day, 4% note for $372,000 to Galston Co., on account. | |
Apr. | 30 | Paid Galston Co. the amount owed on the note of March 31. |
Jun. | 1 | Borrowed $150,000 from Pilati Bank, issuing a 45-day, 8% note. |
Jul. | 1 | Purchased tools by issuing a $276,000, 60-day note to Zegna Co., which discounted the note at the rate of 6%. |
16 | Paid Pilati Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $150,000. (Journalize both the debit and credit to the notes payable account.) | |
Aug. | 15 | Paid Pilati Bank the amount due on the note of July 16. |
30 | Paid Zegna Co. the amount due on the note of July 1. | |
Dec. | 1 | Purchased office equipment from Taylor Co. for $540,000, paying $108,000 and issuing a series of ten 4% notes for $43,200 each, coming due at 30-day intervals. |
22 | Settled a product liability lawsuit with a customer for $309,500, payable in January. Pioneer accrued the loss in a litigation claims payable account. | |
31 | Paid the amount due Taylor Co. on the first note in the series issued on December 1. |
Required: | |||||
1. | Journalize 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. | 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):
|
Chart of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pioneer Co. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Journal
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
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
---|---|---|---|---|---|
1 |
| ||||
2 |
| ||||
3 |
| ||||
4 |
| ||||
5 |
| ||||
6 |
| ||||
7 |
| ||||
8 |
| ||||
9 |
| ||||
10 |
| ||||
11 |
| ||||
12 |
| ||||
13 |
| ||||
14 |
| ||||
15 |
| ||||
16 |
| ||||
17 |
| ||||
18 |
| ||||
19 |
| ||||
20 |
| ||||
21 |
| ||||
22 |
| ||||
23 |
| ||||
24 |
| ||||
25 |
| ||||
26 |
| ||||
27 |
| ||||
28 |
| ||||
29 |
|
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):
|
PAGE 12
JOURNAL
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
---|---|---|---|---|---|
1 |
| Adjusting Entries |
|
|
|
2 |
| ||||
3 |
| ||||
4 |
| ||||
5 |
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started