Required:

HW $4$ assignment take frame

vuurlanLe ule $|$ansac$$uns$.$ Assume a $360-$day year.

Journalize the adjusting entry for each of the following accrued expenses at the end of the current year:

a$.$ Product warranty cost, $$28,000.$

b$.$ Interest on the nine remaining notes owed to Greenwood Co$.$ Assume a $360-$day year. J HW $4$ assignment take frame ume a $360-$day year. Scroll down to access page $12$ of the journal.

General Journal Instructions Journalize the ajjusting entry for each of the following accrued expenses at the end of the current year:

a$.$ Product warranty cost, $$28,000.$

b$.$ Interest on the nine remaining notes owed to Greenwood Co$.$ Assume a $360-$day year.

eral Journal InstructionsThe following items were selected from among the transactions completed by Sherwood Co$.$ during the current year:

Mar. $1$ Purchased merchandise on account from Kirkwood Co$.,$ $$300,000,$ terms $\frac{n}{30}.$

$31$ Issued a $30-$day, $4\%$ note for $$300,000$ to Kirkwood Co$.,$ on account.

Apr. $30$ Paid Kirkwood Co$.$ the amount owed on the note of March $31.$

Jun. $1$ Borrowed $$156,000$ from Triple Creek Bank, issuing a $45-$day, $4\%$ note.

Jul. $1$ Purchased tools by issuing a $$228,000,60-$day note to Poulin Co$.,$ which discounted the note at the

rate of $9\%.$

$16$ Paid Triple Creek Bank the interest due on the note of June $1$ and renewed the loan by issuing a new

$30-$day, $6\mathrm{.}5\%$ note for $$156,000.($Journalize both the debit and credit to the notes payable account.$)$

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 $$580,000,$ paying $$102,000$ cash and issuing a series of

ten $6\%$ notes for $$47,800$ each, coming due at $30-$day intervals.

$22$ Settled a product liability lawsuit with a customer for $$300,500,$ 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 $1.$