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LY litat.lyty.com/student serviets/LabSentetlecid11218 Question 2 [30 points] Volor Inc entered into the following transactions involving short-term liabilities during 2014 and 2015 Prepare journal entries to record these transactions for Velor Inc. Enter the transaction letter as the description when entering the transactions in the journal Dates must be entered in the format dd/mmm e January 15 would be 15/Jan) Round all amounts to the nearest cent a April 28 Velor Inc purchased merchandise from Allarco Inc. for $36,000 under credit terms of 2/20, 1/60 b June 27 Gave Allarco Inc $16,000 cash and a $20,000, 30 day, 9% note to secure an extension on the past due account ? Paid the note to Allarco Inc at maturity d. August 15 Borrowed $30,000 from Scotia Bank by signing a 9% 60 day noto 0. The note to Scotia Bank was paid at maturity 1 December 10 Borrowed $23,000 from TD Bank by signing a 12% 90-day note 9 December 31 An adjusting entry of the accrual of interest on the note to T Bank was recorded h ? The note to TD Bank was paid at maturity General Journal Account Explanation Page G E Debt Credit Date 26 DO NO o Type here to search 23