Selected transactions of Taylor Company, completed during the fiscal year ended December 31, are as follows:

Instructions
Journalize the preceding transactions.

Transcribed Image Text:

Mar. 1. Apr. 10. June 9. Aug. 1. Oct. 30. Dec. 27. Purchased merchandise on account from Kelvin Co., $20,000. Issued a 60-day, 12% note for $20,000 to Kelvin Co. on account. Paid Kelvin Co. the amount owed on the note of April 10. Issued a $50,000, 90-day note to Harold Co. in exchange for a building. Harold Co. discounted the note at 15%. Paid Harold Co. the amount due on the note of August 1. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Salary distribution: Sales Officers Office Deductions: Social security tax Medicare tax Federal income tax withheld State income tax withheld Savings bond deductions Medical insurance deductions Net amount $63,400 36,600 10,000 $ 6,600 1,650 17,600 4,950 850 1,120 $110,000 (32,770) $ 77,230