Liability transactions

Chapter 11 Homework Q(7)

Chrome File Edit View History Bookmarks Profiles Tab Window Help ~ O Sun 12:52 PM Q ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item Liability transactions ? Instructions Chart of Accounts Journal Instructions X 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., $420,000, terms n/30. Feb. 9 Issued a 30-day, 6% note for $420,000 to Beckham Co., on account. Mar. 11 Paid Beckham Co. the amount owed on the note of February 9. May 1 Borrowed $240,000 from Verity Bank, issuing a 45-day, 5% note June 1 Purchased tools by issuing a $312,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 5% 15 Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $240,000. (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. 30 Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1 Purchased office equipment from Lambert Co. for $700,500 paying $160,500 and issuing a series of ten 5% notes for $54,000 each, coming due at 30-day intervals. 15 Settled a product liability lawsuit with a customer for $144,200 payable in January. Shin accrued the loss in a litigation claims payable account. Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ O Sun 12:52 PM Q ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item ? Instructions X 30 Paid Rassmuessen Co. the amount due on the note of June 1. Dec. Purchased office equipment from Lambert Co. for $700,500 paying $160,500 and issuing a series of ten 5% notes for $54,000 each, coming due at 30-day intervals. 15 Settled a product liability lawsuit with a customer for $144,200 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 not use lines for journal explanations. Every line on a journal 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. 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 journals will automatically indent a credit entry when a credit amount is entered): a. Product warranty cost, $19,500. b. Interest on the nine remaining notes owed to Lambert Co. Assume a 360-day year. Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help ~ O Sun 12:52 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item Liability transactions ? Instructions Chart of Accounts Journal Chart of Accounts X 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 118 Prepaid Insurance 524 Depreciation Expense-Building 120 Land 525 Delivery Exp 123 Building 526 Repairs Expense Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help ~ O Sun 12:52 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item Liability transactions ? Instructions Chart of Accounts Journal Chart of Accounts X 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 210 Accounts Payable-Beckham Co. 537 Vacation Pay Expense 211 Accounts Payable-Lambert Co. Pension E 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 Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks Profiles Tab Window Help O Sun 12:53 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item Liability transactions ? Instructions Chart of Accounts Journal Chart of Accounts X 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 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, Capital 311 Owner, Drawing Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help O Sun 12:53 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item Liability transactions ? Instructions Chart of Accounts Journal Journal X 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 journal 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. Scroll down to access page 12 of the journal. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST . REF . DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 4 a Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading WChrome File Edit View History Bookmarks Profiles Tab Window Help O Sun 12:53 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item Liability transactions ? Instructions Chart of Accounts Journal Journal X 8 10 11 12 13 14 15 19 20 21 22 Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig WChrome File Edit View History Bookmarks Profiles Tab Window Help O Sun 12:53 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item Liability transactions ? Instructions Chart of Accounts Journal Journal X 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 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 journals will automatically indent a credit entry when a credit amount is entered): a. Product warranty cost, $19,500. . Interest on the nine remaining notes owed to Lambert Co. Assume a 360-day year. PAGE 12 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig W OChrome File Edit View History Bookmarks Profiles Tab Window Help O Sun 12:53 PM QE ... Bb Lessons / Assignments - 20215 X CengageNOWv2 | Online teach X Cengage Learning X + C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false F. Paused ... Chapter 11 Homework eBook Show Me How Print Item Liability transactions ? Instructions Chart of Accounts Journal E Journal X 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 journals will automatically indent a credit entry when a credit amount is entered): a. Product warranty cost, $19,500. b. Interest on the nine remaining notes owed to Lambert Co. Assume a 360-day year. PAGE 12 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST . REF . DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 A 5 Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading W