Liability 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 $\frac{n}{30}.$

Feb. $9.$ Issued a $30-$day, $8\%$ 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 $$175,200$ from Verity Bank, issuing a $45-$day, $9\%$ note.

June $1.$ Purchased tools by issuing a $$120,000,60-$day note to Rassmuessen Co$.,$ which discounted the note at the rate of $8\%.$

$15.$ 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 $$175,200.($Journalize both the debit and credit to the notes payable account.$)$

July $30.$ Paid Verity Bank the amount due on the note of June $15.$

$30.$ Paid Rassmuessen Co$.$ the amount due on the note of June $1.$

Dec. $1.$ Purchased office equipment from Lambert Co$.$ for $$132,000,$ paying $$22,000$ and issuing a series of ten $5\%$ notes for $$11,000$ each, coming due at $30-$day intervals.

$15.$ Settled a product liability lawsuit with a customer for $$64,000,$ 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:

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.