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The following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10 Purchased merchandise on account from Beckham

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The following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10 Purchased merchandise on account from Beckham Co., $372,000, terms n/30. Feb. 9 Issued a 30-day, 4% note for $372,000 to Beckham Co., on account. Mar. 11 Paid Beckham Co. the amount owed on the note of February 9. May 1 Borrowed $150,000 from Verity Bank, issuing a 45-day, 8% note. June 1 Purchased tools by issuing a $276,000,60-day note to Rassmuessen Co., which discounted the note at the rate of 6%. 15 Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 6.5% note for $150,000. (Journalize both the debit and credit to the notes payable account.) July 30 Paid Verity Bank the amount due on the note of June 15. 3n Paid Raeemueesen fo the amnuit due on the note of liune 1 tructions 30 Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1 Purchased office equipment from Lambert 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. 15 Settled a product liability lawsuit with a customer for $309,500, payable in January. Shin accrued the loss in a litigation claims payable account. 31 Paid the amount due Lambert Co. on the first note in the series issued on December 1. Required: 1. Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatic indent a credit entry when a credit amount is entered. Assume a 360-day year. Round your answers to the nearest doll 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year (refer to the chart Required: 1. Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered): a. Product warranty cost, $28,000. b. Interest on the nine remaining notes owed to Lambert Co. Assume a 360-day year. CHART OF ACCOUNTS Shin Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes'Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Salaries Expense Show Me How Print Item ty transactions uctions it of Accounts 115 Merchandise Inventory 116 Supplies 520 Salaries Expense 118 Prepaid Insurance 524 Depreciation Expense-Building 120 Land 525 Delivery Expense 123 Building 526 Repairs Expense 124 Accumulated Depreciation-Building 529 Selling Expenses 125 Office Equipment 531 Rent Expense 126 Accumulated Depreciation-Office Equipment 532 Depreciation Expense-Office Equipment 127. Tools 533 Depreciation Expense-Tools 128 Accumulated Depreciation-Tools 534 Insurance Expense 535 Supplies Expense LIABILITIES 536 Payroll Tax Expense transactions tructions Chart of Accounts Journal t of Accounts LIABILITIES 536 Payroll Tax Expense 210 Accounts Payable-Beckham Co. 537 Vacation Pay Expense 211 Accounts Payable-Lambert Co. 538 Pension Expense 212 Accounts Payable-Verity Bank 539 Cash Short and Over 213 Interest Payable 540 Product Warranty Expense 214 Notes Payable 541 Miscellaneous Expense 215 Salaries Payable 710 Interest Expense 216 Social Security Tax Payable 720 Litigation Loss 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable Instructions Chart of Accounts Journal Instructions Chart of Accounts 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 Owner. Cadital tof Accounts L4 reueral Unempioyment rax rayavie 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 Litigation Claims Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 1. Journalize the transactions. Rofer to the chart of accounts for the exact wording of the account tities. CNOW journals do not use lines for journale on a joumal page is used for debit or credit entries. CNOW joumals will automaticaily indent a credit entry when a credit amount is entered. Assume down to access page 12 of the journal. 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 the exact wording of the account tities. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for dobif or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.): a. Product warranty cost, $28,000. b. Interest on the nine remaining notes owed to Lambert Co. Assume a 360-day yoar. Instructions Chart of Accounts Journal

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