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eBook Show Me How Calculator Liability transactions Chart of Account Journal Instructions The following items were selected from among the transactions completed by O'Donnel Co. during the current year: Jan. 10. Purchased merchandise on account from Laine Co, $372,000, terms n/30. Feb. 9. Issued a 30-day, 4% note for $372,000 to Laine Co., on account Mar. 11. Paid Laine Co. the amount owed on the note of February 9 May 1. Borrowed $150,000 from Tabata Bank, issuing a 45-day, 8% note. June 1. Purchased tools by issuing a $276,000, 60-day note to Gibala Co., which discounted the note at the rate of 6%. 15. Paid Tabata Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 6.5% note for $150,000. (Journalize both the debit and credit to the notes payable account.) Paid Tabata Bank the amount due on the note of June 15. Paid Gibala Co. the amount due on the note of June 1. July 30. 30. Dec. 1. Purchased office equipment from Warick Co. for $540,000, paying $108,000 and issuing a series of ten 4% notes for $43,200 each, coming due at 30-day intervals 15. Settled a product liability lawsuit with a customer for 309,500, payable in January more Check My Work uses remaining