Payable Transactions Instructions Chart of Accounts General Journal Instructions Daniels Company engaged in the following transactions during 2020 a. Purchased $30,000 of merchandise from XYZ Supplies on January 26. Amount duo intul on February 28 b. Paid for 40% of the purchased merchandise (Transaction a) on February 28, c. on February 23, negotiate a payment extension with XYZ for the remainder of the balance from the January 26 purchase by signing a T.you, 8% note d. Bonowed $200,000 on an 3 month, % interest bearing note on July 31 e Purchased $170,000 of merchandise on August 2. Amount du Mon September 30, Paid for the purchased merchandise (Transaction on September 28 Received from Martelline on October 4, a 40.000 de out against a totale price of $400,000 for services to be performed for Marel Padquarterytments of Social Security Medicare, and individual come tax things, as shown below. on October 10 The Social Securty and Medicare were previously recorded as expenses during the quarter and the mounts paid represent both the employee and emplover shares to each My Work Previous Next > Submit Assento Gradine C CengageNOWV2 Online tea Instructions h. Paid quarterly installments 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) Social Security taxes withheld Medicare taxes withheld Federal income taxes withhold $270,000 65,496 700,000 1. On December 15, Daniels completed the services ordered by Martel on October 4. Martel's remaining balance of $360,000 is due on January 31. Required: 1. Prepare journal entries for these transactions 2. Prepare any adjusting entries necessary at December 31, 2020