Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co. $144,000, terms /30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Kirkwood Co, on account. May 16, Pald Kirkwood Co the amount owed on the note of March 17. June 15. Borrowed $178,800 from Triple Creek Bank, Issuing a 60-day, 9% note July 21, Purchased tools by Issuing a 372,000,00-day note to Poulin Co., which discounted the note at the rate of 8 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, 109 note for $178,800. Cloumalize both the debit and credit to the notes pavable account.) Oct. 13. Pald Triple Creek Bank the amount due on the note of August 14 Oct. 19. Pald Poulin co the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $132,000, paying $22.000 cash and issuing a series of ten notes for $11.000 each coming due at 30-day intervals. Dec. 12. Settled a product liable lawsuit with a customer for 579,000, pavabile 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 Required: 1. Journalize the transactions. If an amount box does not require an entry leave it blank. Assume a 360-day year. If required, round to one decimal place. Don't round the intermediate calculations 1. Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year. If required, round to one decimal place. Don't round the intermediate calculations. For a compound transaction, accounts should be listed largest to smallest. Date Account Debit Credit Feb. 15 Mar. 17 May 16 June 15 July 21 Aug. 14 I III III II Oct. 13 LIILILILO Oct. 19 Dec. 1 Dec. 12 Dec. 31 2. Journalize the adjusting entry for each of the following accrued expertisers at the end of the current year: (a) product warranty cost, $25,700; () interest on the nine remaining notes owed to Greenwood Co Item Account Debit Credit b