Liability Transactions The following items were selected from among the transactions completed by O Donnel Co. during the current y Jan. 10. Purchased merchandise on account from Laine Co. $144,000, terms 130 Feb. 9. Issued a 30-day, 7% 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 $139,200 from Tabata Bank, issuing a 45-day, 8% note June 1. Purchased tools by issuing a $81,000, 60-day note to Gibal Co., which discounted at the rate of 8%. 15. Paid Tabata Bank the interest due on the note of May and renewed the new 45-day, 7 note for $139,200. (Journalize both the debit and payable account.) July 30. Paid Tabata Bank the amount due on the note of June 15 30. Paid Gibals Co, the amount due on the note of June 1 Dec. 1. Purchased office equipment from Warick Co. for $120,000, paying 520.000 series of ten 5% notes for $10,000 cach, coming due at 30-day intervals 15. Settled product liability lawsuit with a customer for 583 accrued the loss in litigation claims payable account. 31. Paid the amount due Warick Co. on the first note in the series issue Required: swers to the nearest dollar amount 1. Joumalize the transactions. If an amount box does not require an ente For a compound transaction, accounts should be listed largest to sm Date Account Debit Jan. 10 Merchandise Inventory 144,000 Accounts Payable-Laine Co. De la 100