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.

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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.