Liability Transactions The following Rems 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, 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 $169,200 from Triple Creek Bank, issuing a 60-day, 7 note July 21. Purchased tools by issuing a $72,000, 90-day note to Poulin Co., which discounted the nete at the rate of 6% Aug. 14. Pald Triple Creek Bank the interest due on the note of Sure 15 and renewed the loan by issuing a new 60-day, 10% note for $169,200. 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 office equipment from Greenwood Co. for $96,000, paying $16.000 cash and w ing series often notes for $8,000 each, coming due at 30-day intervals. Dec. 12. Settled a product liability lawsuit with a customer for $77,000, payable in January. Accrued the low in a litigation cas 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 bar. Assume a 360-day yearIf reared, round to one decimal place. Don't round the mediate calatons For a compound transaction, accounts should be listed largest to smallest Account Feb 15 Inventory & 144,000 Accounts Payabl e 144,000 Next > eBook Show Me How Calculator Print Item Mar. 17 Accounts Payable-Kirkwood Co. Notes Payable 144,000 144,000 May 16 Notes Payable 144,000 Interest Expense Cash June 15 Cash Notes Payable July 21 Tools Interest Expense Notes Payable Aug. 14 Notes Payable Interest Expense Notes Payable Cash Oct. 13 Notes Payable Interest Expense Cach v Check My Work All work saved. Email Instructor Save and Exit eBook Calculator Printem Show Me How Notes Payable Oct. 19 Cashy Des. 1 Office Equipment Notes Payable Cash Dec 12 Litigation Loss Litigation Claims Payable Notes Payable Interest Expense Cash 2. Joumalize the adjusting entry for each of the following accrued expenses at the end of the current year: (a) product warranty cost, $14,200; (b) interest on the nine remaining notes owed to Greenwood Co. item Account Debit Credit a. Product Warranty Expense Product Warranty Payable Interest Expense Interest Payable Cac Hy work Next > All work saved mal intructor Save and submit Assignment for Grading