Home / Questions / The following items were selected from among the transactions completed by Sherwood Co. du...
| Mar. | 1 | Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30. |
| 31 | Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. | |
| Apr. | 30 | Paid Kirkwood Co. the amount owed on the note of March 31. |
| Jun. | 1 | Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. |
| Jul. | 1 | Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. |
| 16 | Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) | |
| Aug. | 15 | Paid Triple Creek 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 $280,000, paying $80,000 cash and issuing a series of ten 9% notes for $20,000 each, coming due at 30-day intervals. |
| 22 | Settled a product liability lawsuit with a customer for $40,000, payable in January. Accrued the loss in a litigation claims payable account. | |
| 31 | Paid the amount due to Greenwood 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. | ||||
| 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):
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