The High Level Company entered into the following transactions involving short-term liabilities during 2014 and 2015:

Required
1. Determine the maturity dates of the three notes just described.
2. Present journal entries for each of the precedingdates.

2014 Mar 14 Purchased merchandise on credit from Ferris Inc. for $130,000. The terms Apr. 14 High Level paid $20,000 cash and replaced the $110,000 remaining balance May 21 Borrowed $120,000 from Scotia Bank by signing a 3.5%, 90-day note. were 1/10, n/30 (assume a perpetual inventory system) of the account payable to Ferris Inc. with a 4%, 60-day note payable. ? ? 15 Paid the note to Ferris Inc. at maturity Paid the note to Scotia Bank at maturity Borrowed $95,000 and signed a 4.25%, 120-day note with National Bank. Dec. Dec. Recorded an adjusting entry for the accrual of interest on the note to National Bank. 2015 ? Paid the note to National Bank at maturity.