The following are selected transactions of Cullumber Company. Cullumber prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $18,000, terms 2/10, n/30. (Cullumber uses the perpetual inventory system.) Issued a 9%, 2-month, $18,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $10,000 in cash and signing a 10%, 3-month, $48,000 note. Feb. 1 Mar 31 Apr. 1 July 1 Sept. 30 Oct. 1 Paid face value and interest on Marson note. Dec. 1 Dec 31 33 Borrowed $18,000 from the Paola Bank by issuing a 3-month, 8% note with a face value of $18,000. Recognized interest expense for 1 month on Paola Bank note. 30 Accrued interest for 3 months on Marson note.