iability Transactions The following items 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 n/30. Feb. 9. Issued a 30-day, 6% note for $144,000 to Beckham Co., on account. Mar. 11. Paid Beckham Co. the amount owed on the note of February 9. May 1. Borrowed $158,400 from Verity Bank, issuing a 45-day, 7% note. June 1. Purchased tools by issuing a $87,000, 60-day note to Rassmuessen