1. Davies Accessories Company entered into the following transactions relating to notes payable: August 1 Purchased inventory costing $42,000 by signing an 8-month, 5% note payable. October 1 Purchased inventory costing $15,000 by signing a 1-year, 6% note payable. Required: Prepare journal entries to record: . The issuance of the notes The journal entries needed on December 31, the company's fiscal year end. The payment of the notes . 2. Arrow Systems offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the bi-weekly payroll period ending January 24th is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Dental insurance premiums Life insurance premiums Federal and state income taxes to be withheld FICA tax rate Federal and state unemployment tax rate $1,000,000 60,000 25,000 6,000 7,000 205,000 7.65% 3.80% Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. Show your calculations in Excel