The following items were selected from among the transactions completed by sherwood Co, during the current year: Mar. 1 Purchased merchandise on account from Kirhwood Co., $225,000, terms r30 31 Issued a 30-day, 8\% note for $225,000 to Kirkwood Co, on account. Apr 30 Paid Kirkwood Co the amount owed on the note of March 31 Jun 1 Borrowed $600,000 from Triple Creok Bank, issuing a 45-day, 6\% note Jut. 1 Purchased tools by issuing a $50,000, 60-day note to Pouln Co., which discounted the note at the rate of 6% 16 Paid Triple Creek Bank the interest due on the nole of June 1 and renewed the loan by issuing a new 30-day. 7\$6 note for $600,000 (Jouinalize both the debt and crodit to the notes payable account.) Aug 15 Paid Triple Creek Bank the amount due on the note of July 16 3n Paid Poudin Cn the amnuint dius on the nnte ot dilve 1 Liability transactions Liability transactions