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Gienview Hardware had the following transactions that produced liabilites during the year: a. Purchased merchandise on credit for $30,000. (Note: Assume a periodic inventory system).

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Gienview Hardware had the following transactions that produced liabilites during the year: a. Purchased merchandise on credit for $30,000. (Note: Assume a periodic inventory system). b. Year-end wages of $22,000 were incurred, but not paid. Related federal income taxes of $2,640, Soclal Security of $1,364 (employee portion), and Medicare taxes of $319 are withheld from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,218, including state sales taxes of $58, (Note: Assume a periodic inventory system). e. Employer's share of Social Security and Medicare taxes for the period were $1,364 and $319, respectively. 1. Borrowed cash under a 90 -day, 9%,$25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently), If an amount box does not require an entry; leave it blank

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