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Payable Transactions

Richmond Company engaged in the following transactions:

Purchased $$52,000$ of supplies from ABC Supplies on February $16.$ Amount due in full on March $31.$

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

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.

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

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

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

Received from Haywood, Inc., on August $19$ a $$24,000$ deposit against a total selling price of $$240,000$ for services to be performed for Haywood.

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$)$:

Social Security taxes withheld $$185,000$

Medicare taxes withheld $43,266$

Federal income taxes withheld $319,000$

On December $15,$ Richmond completed the services ordered by Haywood on August $19.$ Haywood's remaining balance of $$216,000$ is due on January $31.$

Required:

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$1.$ Prepare journal entries for these transactions. If an amount box does not require an entry, leave it blank.

a$.$ Feb. $16$

$($Record purchase of supplies on account$)$

b$.$ Feb. $26$

$($Record partial payment of supplier$)$

c$.$ Mar. $31$

$($Record issuance of note to cover unpaid portion of account payable$)$

d$.$ Apr. $30$

$($Record issuance of note$)$

e$.$ June $4$

$($Record purchase of inventory on account$)$

f$.$ June $24$

$($Record payment of supplier$)$

g$.$ Aug. $19$

$($Record receipt of deposit for services not yet performed$)$

h$.$ Oct. $15$

$($Record employer payroll taxes$)$

i$.$ Dec. $15$

$($Record recognition of revenue$)$

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$2.$ Prepare any adjusting entries necessary at December $31.$ If an amount box does not require an entry, leave it blank.

Dec. $31$

$($Record accrued interest$)$