The following items 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 n/30. Mar, 17. Issued a 60 -day, 8% note for $144,000 to Kirkwood C0, on account. May 16. Paid Kirkwood Co, the amount owed on the note of March 17. June 15. Borrowed $160,800 from Triple Creek Bank, issuing a 60 -day, 9% note. July 21. Purchased tools by issuing a $117,000, 90 -day note to Poulin Co., which discounted the note at the rate of 8%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60 -day, 10\% note for $160,800. (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 Co0, the amount due on the note of July 21. Dec. 1. Purchased equipment from Greenwood Co. for $120,000, paying $20,000 cash and issuing a series of ten 6% notes for $10,000 each, coming due at 30 -day intervals. Dec. 12. Settled a product liability lawsuit with a customer for $71,000, payable in January. Accrued the loss in a litigation claims payable account. tecimal places. July 21 Aug. 14 Oct. 13 Oct. 19 Dec. 1 Dec. 12 Dec. 31 Ttem Account Debit Credit