Liability transactions

The following items were selected from among the transactions completed by Sherwood Co$.$ during the current year:

Date Transaction

Feb. $15.$ Purchased merchandise on account from Kirkwood Co$.,$ $$144,000,$ terms n$/30.$

Mar. $17.$ Issued a $60-$day, $6\%$ note for $$144,000$ to Kirkwood Co$.,$ on account.

May $16.$ Paid Kirkwood Co$.$ the amount owed on the note of March $17.$

June $15.$ Borrowed $$152,400$ from Triple Creek Bank, issuing a $60-$day, $7\%$ note.

July $21.$ Purchased tools by issuing a $$93,000,90-$day note to Poulin Co$.,$ which discounted the note at the rate of $9\%.$

Aug. $14.$ Paid Triple Creek Bank the interest due on the note of June $15$ and renewed the loan by issuing a new $60-$day, $10\%$ note for $$152,400.($Journalize both the debit and credit to the notes payable account.$)$

Oct. $13.$ Paid Triple Creek Bank the amount due on the note of August $14.$

Oct. $19.$ Paid Poulin Co$.$ the amount due on the note of July $21.$

Dec. $1.$ Purchased equipment from Greenwood Co$.$ for $$96,000,$ paying $$16,000$ cash and issuing a series of ten $6\%$ notes for $$8,000$ each, coming due at $30-$day intervals.

Dec. $12.$ Settled a product liability lawsuit with a customer for $$58,000,$ payable in January. Accrued the loss in a litigation claims payable account.

Dec. $31.$ Paid the amount due to Greenwood Co$.$ on the first note in the series issued on December $1.$