Question 3 [30 points] Courtland Corp. entered into the following transactions involving short-term liabilities during 2014 and 2015. Prepare journal entries to record these transactions for Courtland Corp. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (.e., January 15 would be 15/Jan). Round all amounts to the nearest cent. a. May 24 : Signed a $20,000, 9%, 90-day note with Scotia Bank. b. June 9 : Courtland Corp. purchased merchandise from Velor Inc. for $22,000 under credit terms of 2/20, n/30. c. July 9 : Velor Inc. was paid $11,000 cash and the remaining balance of $11,000 was replaced with a 30-day, 10% note. d. ? : Paid the note to Velor Inc. at maturity. e. ? : The note to Scotia Bank was paid at maturity. f. December 23: Signed a $35,000, 11%, 90-day note with TD Bank. g. December 31: Recorded an adjusting entry of the accrual of interest on the note to TD Bank. h. ? : Paid the note to TD Bank at maturity. General Journal Account/Explanation Date Page Gj1 F Debit Credit + 1 + + -1 +