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Learning Objective $2$

Richmond Company engaged in the following transactions:

a$.$ Purchased $$36,000$ of supplies from ABC Supplies on February $16.$ Amount due in full on March $31.$

b$.$ Paid for $25\%$ of the purchased merchandise $($transaction a$)$ on February $26.$

c$.$ On March $31,$ negotiated a payment extension with ABC for the remainder of the balance from the February $16$ purchase by signing a $1-$year, $10\%$ note.

d$.$ Borrowed $$300,000$ on a $10-$month, $8\%$ interest$-$bearing note on April $30.$

e$.$ Purchased $$78,000$ of merchandise on June $4.$ Amount due in full on June $30.$

f$.$ Paid for the purchased merchandise $($transaction e$)$ on June $24.$

g$.$ Received from Haywood, Inc., on August $19$ a $$19,000$ deposit agaifist a total selling price of $$190,000$ for services to be performed for Haywood.

h$.$ Paid quarterly installments of Social Security and Medicare and individual income tax withholdings, as shown below, on October $15.$ The Social Security and Medicare were previously recorded as expenses during the quarter and the amounts paid represent both the employee and employer shares $(50\%$ each$)$:

$\backslash$table$[[$Social Security taxes withheld,$$185,000$