Instructions Daniels Company engaged in the following transaction during 2020 a. Purchased $45,000 of merchandise from XYZ Suppliers on January 26. Amount due in full on February 28, b Paid for 40% of the purchased merchandise (Transaction a) on February 26 c. On February 28, negotiate a payment extension with XYZ for the remainder of the balance from the January 26 purchase by signing a 1-year, 8% nole d Borrowed $200,000 on an 8 month, 9% interest-bearing note on July 31 e Purchased $150,000 of merchandise on August 2 Amount due in full on September 30. 1. Paid for the purchased merchandise (Transaction e) on September 28 Received from Martel inc on October 4 a 540,000 deposit against a total selling price of $400,000 to services to be performed for Martel h Paid quartony installments of Social Security, Medicare, and individual income tar wahholdings, as shown below, on October 10. 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) D. $270.000 65 480 Social Security taxes withheld Medicare taxes withheld Federal income taxes withheld 750.000 Instructions Purch 150,000 COSE THOUSEZARON SUOJU | Paid for the purchased merchandise (Transaction e) on September 28 Received from Martel Inc. on October 4, a $40,000 deposit against a total seting price of $400,000 for services to be performed for Martel h. Paid quarterly instaliments of Social Security Medicare, and individual income tax withholdings, as shown below, on October 10 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) $270,000 Social Security taxes withheld Medicare taxes withheld Federal income taxes withheld 65,480 760.000 1. On December 15, Daniels completed the services ordered by Martel on October 4. Murtel's remaining balance of $360,000 in due on January 31 Required: 1. Prepare journal entries for these transactions 2. Prepare any adjusting entries necessary at December 31, 2020