Payable Transactions Richmond Company engaged in the following transactions: a. Purchased $60,000 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. g. Received from Haywood, Inc., on August 19 a $17,000 deposit against a total selling price of $170,000 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 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 withheld $185,000 43,266 319,000 On December 15, Richmond completed the services ordered by Haywood on August 19. Haywood's remaining balance of $153,000 is due on January 31. Required: 1. Prepare yournal entries for these transactions. If an amount box does not require an entry, leave it blank. a. Feb. 16 Si 0000 Accounts Payable M (Record purchase of supplies on account) b. Feb. 26 hits Payable Cash (Record partial payment of supplier) Mar 31 Accounts Payable 13.000 11.000 45,000 d. Apr. 30 Cash Notes Payable (Record issuance of note) e. June 4 Inventory Accounts Payable (Record purchase of inventory on account) f. June 24 Accounts Payable Cash (Record payment of supplier) 9. Aug. 19 Cash Unearned Service Revenue (Record receipt of deposit for services not yet performed) h. Oct. 15 Social Security Taxes Payable (Employee) Social Security Taxes Payable (Employer) Medicare Taxes Payable (Employee) Medicare Taxes Payable (Employer) Federal Income Taxes Withholding Payable Cash (Record employer payroll taxes) 1. Dec. 15 Cash Unearned Service Revenue Service Revenue 300,000 300,000 78,000 78,000 78,000 78,000 17,000 17,000 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)