eBook Liability Transactions Show Me How The following items were selected from among the transactions completed by Emerald Bay Stores Co. during the currer Feb. 15. Purchased merchandise on account from Hood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Hood Co., on account. May 16. Paid Hood Co. the amount owed on the note of March 17. June 15. Borrowed $151,200 from Acme Bank, issuing a 60-day, 9% note. July 21. Purchase ols by issuing a $117,000, 90-day note to Columbia Supply Co., which discounted the note at 9%. Aug. 14. Paid Acme Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10 $151,200. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Acme Bank the amount due on the note of August 14. Oct. 19. Paid Columbia Supply Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Mountain Equipment Co. for $108,000, paying $18,000 and issuing a series 6% notes for $9,000 each, coming due at 30-day intervals. Dec. 12. Settled a product liability lawsuit with a customer for $77,000, payable in January. Emerald Bay accrued the litigation claims payable account. Dec. 31. Paid the amount due Mountain Equipment 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. For a compound transaction, accounts should be listed largest to smallest. Date Account Feb. 15 Inventory Accounts Payable - Hood Co. Mar. 17 Accounts Payable - Hood Co. Notes Payable May 16 Notes Payable Interest Expense Check My Work Debit Credit 144,000 144,000 144,000 144,000 Previous Ne All work saved. Save and Exit Submit Assignment for