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The following items were selected from among the transactions completed by O'Donnel Co. during the current year: Jan. 10. Purchased merchandise on account from Laine Co., $144,000, terms n/30. Feb. 9. Issued a 30-day, 8% note for $144,000 to Laine Co., on account. Mar. 11. Paid Laine Co. the amount owed on the note of February 9. May 1. Borrowed $166,800 from Tabata Bank, issuing a 45-day, 9% note. June 1. Purchased tools by issuing a $75,000, 60-day note to Gibala Co., which discounted the note at the rate of 6%. 15. Paid Tabata Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $166,800. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Tabata Bank the amount due on the note of June 15. 30. Paid Gibala Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Warick Co. for $96,000, paying $16,000 and issuing a series of ten 5% notes for $8,000 each, coming due at 30-day intervals. 15. Settled a product liability lawsuit with a customer for $76,000, payable in January. O'Donnel accrued the loss in a litigation claims payable account. 31. Paid the amount due Warick Co. on the first note in the series issued on December 1. Required: 1. Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year. Don't round the intermediate calculations and round the final answers to the nearest dollar amount. For a compound transaction, accounts should be listed largest to smallest. Account Debit Date Jan. 10 Credit

The following items were selected from among the transactions completed by O'Donnel Co. during the current year: Jan. 10. Purchased merchandise on account from Laine Co., $144,000, terms n/30. Feb. 9. Issued a 30-day, 8% note for $144,000 to Laine Co., on account. Mar. 11. Paid Laine Co. the amount owed on the note of February 9. May 1. Borrowed $166,800 from Tabata Bank, issuing a 45-day, 9% note. June 1. Purchased tools by issuing a $75,000, 60-day note to Gibala Co., which discounted the note at the rate of 6%. 15. Paid Tabata Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $166,800. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Tabata Bank the amount due on the note of June 15. 30. Paid Gibala Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Warick Co. for $96,000, paying $16,000 and issuing a series of ten 5% notes for $8,000 each, coming due at 30-day intervals. 15. Settled a product liability lawsuit with a customer for $76,000, payable in January. O'Donnel accrued the loss in a litigation claims payable account. 31. Paid the amount due Warick Co. on the first note in the series issued on December 1. Required: 1. Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year. Don't round the intermediate calculations and round the final answers to the nearest dollar amount. For a compound transaction, accounts should be listed largest to smallest. Account Debit Date Jan. 10 Credit

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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The following items were selected from among the transactions completed by O'Donnel Co. during the current year: Jan. 10. Purchased merchandise on account from Laine Co., $144,000, terms n/30. Feb. 9. Issued a 30-day, 8% note for $144,000 to Laine Co., on account. Mar. 11. Paid Laine Co. the amount owed on the note of February 9. May 1. Borrowed $166,800 from Tabata Bank, issuing a 45-day, 9% note. June 1. Purchased tools by issuing a $75,000, 60-day note to Gibala Co., which discounted the note at the rate of 6%. 15. Paid Tabata Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $166,800. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Tabata Bank the amount due on the note of June 15. 30. Paid Gibala Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Warick Co. for $96,000, paying $16,000 and issuing a series of ten 5% notes for $8,000 each, coming due at 30-day intervals. 15. Settled a product liability lawsuit with a customer for $76,000, payable in January. O'Donnel accrued the loss in a litigation claims payable account. 31. Paid the amount due Warick Co. on the first note in the series issued on December 1. Required: 1. Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year. Don't round the intermediate calculations and round the final answers to the nearest dollar amount. For a compound transaction, accounts should be listed largest to smallest. Account Debit Date Jan. 10 Credit
Transcribed Image Text:The following items were selected from among the transactions completed by O'Donnel Co. during the current year: Jan. 10. Purchased merchandise on account from Laine Co., $144,000, terms n/30. Feb. 9. Issued a 30-day, 8% note for $144,000 to Laine Co., on account. Mar. 11. Paid Laine Co. the amount owed on the note of February 9. May 1. Borrowed $166,800 from Tabata Bank, issuing a 45-day, 9% note. June 1. Purchased tools by issuing a $75,000, 60-day note to Gibala Co., which discounted the note at the rate of 6%. 15. Paid Tabata Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $166,800. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Tabata Bank the amount due on the note of June 15. 30. Paid Gibala Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Warick Co. for $96,000, paying $16,000 and issuing a series of ten 5% notes for $8,000 each, coming due at 30-day intervals. 15. Settled a product liability lawsuit with a customer for $76,000, payable in January. O'Donnel accrued the loss in a litigation claims payable account. 31. Paid the amount due Warick Co. on the first note in the series issued on December 1. Required: 1. Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year. Don't round the intermediate calculations and round the final answers to the nearest dollar amount. For a compound transaction, accounts should be listed largest to smallest. Account Debit Date Jan. 10 Credit
< 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: (a) product warranty cost, $15,200; (b) interest on the nine remaining notes owed to Warick Co. Assume a 360-day year. Round your answers to the nearest dollar amount. Item Account Debit Credit
Transcribed Image Text:< 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: (a) product warranty cost, $15,200; (b) interest on the nine remaining notes owed to Warick Co. Assume a 360-day year. Round your answers to the nearest dollar amount. Item Account Debit Credit
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