Liability transactions The following items were selected from among the t/ansactions completed by Sherwecd co during the burtent year: Feb. 15. Purchased merchandse on account frem karkwood Co,$144,000, terms fryo. Mar. 17. 1ssued a 60 -daw, 8 \% note far $144,000 to Kiricwood Co, on acceunt. May 16, Paid Kirkwood Ce, the amount owed on the note of March 17. July 21. Purchused tools by issuing a $120,000,90-day note to Poulin Co, which dircounted the note at the rate of ask. Aug, 14. Paid Triple Creek bank the interest due on the note of June is and rentwed the loan by issuing a naw 60 -dar, 10is nate for $155,000. (Nournalize both the deba and creda to the notes payable acceunt.) oxt. 13. Paid Triple Creek dunk the amount due on the note of August 14. Oct. 19. Paid Poulin Ce, the amount due on the note of kay 21. 50,000 each, ceming due at 30 -day intervals. parable aceount. Dec, 11. Raid the amount due to Creenwood Co. on the frst nete in the series istued en Decerfeer 1 Aequired r answers to one decimal places. 0 mare Chack My Wok uses remainng 0 eore Chock My Work utes remtaing