3 Show Me How Calculator Print Item Liability transactions Instructions Chart of Accounts Journal Instructions The 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. $175.000, terms 1130 31 Issued a 30 day, 6% note for $175,000 to Kirkwood Co., on account 30 Paid Kirkwood Co the amount owed on the note of March 31 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% nole 1 Purchased tools by issuing a $15,000, 60 day note to Poulin Co., which discounted the note at the rate of 7%. 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% note for $400,000. (Journalize both the debit and credit to the notes payable account) 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 1 Purchased equipment from Greenwood Co. for $260.000, paying $40,000 cash and issuing a series of ten 9% notes for $22.000 each, coming due at 30-day intervals. 22 settled a product lawsuit with a customer for $50,000 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 Aug Required: Journize the fractions Refer to the Chair of Accounts for exact wording of accounties Asume a 300day Check My Work 10 more Check My Work uses remaining