Nifty Company entered into the following transactions involving short-term liabilities during 2014 and 2015.

Required
Prepare journal entries to record these transactions for NiftyCompany.

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2014 Feb 4 Purchased merchandise on credit from Shafai Products for $68,600. The terms were 2/10, n/60. Assume Nifty uses a perpetual inventory system; ignore sales taxes Borrowed $215,000 from the First Provincial Bank by signing a note payable for 30 days at 3.5% Paid the First Provincial Bank note Gave Shafai Products $18,600 cash and a $50,000, 30-day, 5% note to secure an extension on Nifty's past-due account. Paid the note given to Shafai on April 5 Borrowed $216,000 at First Provincial Bank by signing a note payable for 60 days at 4% Borrowed money at the Bank of Montreal by giving a $300,000, 90-day, 5% note payable Recorded an adjusting entry for the accrual of interest on the note to the First Provincial Bank. Recorded an adjusting entry for the accrual of interest on the note to the Bank of Montreal Mar. 2 1 5 May Nov. 5 16 Dec. 1 31 31 Jan Mar 2015 15 1 Paid the November 16 note to First Provincial Bank. Paid the principal and interest on the December 1 note given to the Bank of Montreal