part 2

Payable Transactions Richmond Company engaged in the following tronsactions: a. Purchased $48,000 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. 9. Received from Haywood, Inc, on August 19 a $29,000 deposit against a total selling price of $290,000 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 M. quarter and the amounts paid represent both the employee and employer shares (50\% each): 1. On December 15, Richmond completed the services ordered by Haywood on August 19. Haywood's remaining balance of $261,000 is due on January 31. Required: d. Apr 30Gash (Record issuance of note) e. June 4 Imentory v Account Pavatile (Record purchase of inventory on account) f. June 24 Accounts Payabie: > (Record payment of supplier) 9. Aug 19 ynearned Service Revenue v (Record receipt of deposit for services not yet performed) h. Oct. 15 Socal Security Taxes Payable (Employee) Social Security Taxes payable (Empleyer) >v Medicare Taxes Payable (Emplayee) Medicore faxer Parable (Emplexer) Federal income Tixes Wuthiseding Payable cosh (Record empioyer payroll toxes) 300,000 300,000 78,000 78,000 29,000 29,000 547,266 1. Dec 15 AccountsReceivable 261,000 (Record employer payroll taxes) 1. Dec. 15 Accounts Receivable 547,266 Unearned Service Revenue v Service Revenue (Record recognition of revenue) Feedback * Creck My Work a) Record purchase of supplies on account. b) Record cash payment. c) Record transfer of accounts payable to notes payable. d) Record cash received as part of loan. e) Record purchase of inventory on account. f) Record cash payment. 9) Record cash recelved for services not yet performed. h) Record payment of taxes to taxing authorities. 1) Completed services from part g. 2. Prepare any adjusting entries necessary at December 31 . If an amount box does not require an entry, leave it blank. Dec. 31 interest Expense Interest Payable (Record accrued interest)