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 Co$.,$ on account.

May $16.$ Paid Kirkwood Co$.$ the amount owed on the note of March $17.$

June $15.$ Borrowed $$180,000$ from Triple Creek Bank, issuing a $60-$day, $9\%$ note.

July $21.$ Purchased tools by issuing a $$114,000,90-$day note to Poulin Co$.,$ which discounted the note at the rate of $6$

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 for $$180,000.($Journalize both the debit and credit to the notes payable account.$)$

Oct. $13.$ Paid Triple Creek Bank the amount due on the note of August $14.$

pct$.19.$ Paid Poulin Co$.$ the amount due on the note of July $21.$

Dec. $1.$ Purchased equipment from Greenwood Co$.$ for $$144,000,$ paying $$24,000$ cash and issuing a series of ten $6\%$ $$12,000$ each, coming due at $30-$day intervals.

Dec. $12.$ Settled a product liability lawsuit with a customer for $$64,000,$ payable in January. Accrued the loss in a litige payable account.

Dec. $31.$ Paid the amount due to Greenwood Co$.$ on the first note in the series issued on December $1.$

Required:

Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a $360-$day year. Do not round intermediate calculations. When required, round your final answers to one decimal places.

$\backslash$table$[[$Date$,$Account,Debit,Credit$],[$Feb$.15,$Inventory,$144,000,],[$Accounts Payable$-$Kirkwood Co$.,,144,000],[$Mar$.17,$Accounts Payable$-$Kirkwood Co$.,144,000,],[$Notes Payable $-,,144,000],[$May $16,$Notes Payable,,$],[$Interest Expense $-,,],[$Cash$,,],[$June $15,$Cash,,$],[$Notes Payable,,$],[$Iulv $21,$Tools $vv,,]]$

Notes Payable

July $21$

Aug. $14$

Oct. $13$

Oct. $19$

Dec. $1$

Dec. $12$

Dec. $31$

Dec. $31$

Notes Payable

Interest Expense $-$

Cash

Tools $-$

Interest Expense $-$

Notes Payable

Notes Payable

Interest Expense $-$

Notes Payable $-$

Cash

Notes Payable

Interest Expense $-$

Cash $7$

Notes Payable $-$

Cash

Office Equipment $-$

Notes Payable

Cash grad

Litigation Loss grad

Litigation Claims Payable

Notes Payable $7$

Interest Expense

Cash

I.

Liability transactions

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 Co$.,$ on account.

May $16.$ Paid Kirkwood Co$.$ the amount owed on the note of March $17.$

June $15.$ Borrowed $$180,000$ from Triple Creek Bank, issuing a $60-$day, $9\%$ note.

July $21.$ Purchased tools by issuing a $$114,000,90-$day note to Poulin Co$.,$ which discounted the note at the rate of $6\%.$

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 $$180,000.($Journalize both the debit and credit to the notes payable account.$)$

Oct. $13.$ Paid Triple Creek Bank the amount due on the note of August $14.$

Oct. $19.$ Paid Poulin Co$.$ the amount due on the note of July $21.$

Dec. $1.$ Purchased equipment from Greenwood Co$.$ for $$144,000,$ paying $$24,000$ cash and issuing a series of ten $6\%$ notes for $$12,000$ each, coming due at $30-$day intervals.

Dec. $12.$ Settled a product liability lawsuit with a customer for $$64,000,$ payable in January. Accrued the loss in a litigation claims payable account.

Dec. $31.$ Paid the amount due to Greenwood Co$.$ on the first note in the series issued on December $1.$

Required:

Journalize the transactions. If an amount box does not require an entry, leave it blank. Assume a $360-$day year. Do not round intermediate calculations. When required, round your final answers to one decimal places.