eBook Lability Transactions Show Me How The following tems were selected from among the transactions completed by Shin Co. during the current year: Jan. 10. Purchased merchandise on account from Beckham Co., $144,000, terms /30. Feb. 9 Issued a 30-day, 6% note for $144,000 to Beckham Co, on account. Mar. 11, Faid Beckham Co. the amount owed on the note of February 9. May 1 Borrowed $148,800 from Verity Bank, issuing a 45-day, 7% note June 1. Purchased tools by issuing a $117,000, 60-day note to Rasmussen Co., which discounted the note at the rate of 9% 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 $148,800 (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 Rasmussen Co. the amount due on the note of June 1 Dec. 1. Purchased office equipment from Lambert 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 Setted a product ability lawsuit with a customer for $55,000, 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. 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 asted largest to smallest Date Account Debit Credit Jan 10 Merchandise Inventory 144,000 Accounts Payable-Beckham Co. 144,000 Check My Work