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please answer the blank ones/ones I got wrong Payable Transactions Richmond Company engaged in the following transactions: a. Rurchased $64,000 of supplies from ABC Supplies
please answer the blank ones/ones I got wrong
Payable Transactions Richmond Company engaged in the following transactions: a. Rurchased $64,000 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 $29,000 deposit against a total selling price 0 $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 Medicare were previously recorded as expenses during the 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: 1. Prepare journal entries for these transactions. If an amount box does not require an entry, leave it blank. D. Feb. Accounts Payable 26 16,000 Cash (Record partial payment of supplier) 16,000 c. Mar. Accounts Payable 48,000 31 Notes Payable (Record issuance of note to cover unpaid portion of 48,000 account payable) d. Apr. Cash 300,000 30 Accounts Payable x (Record issuance of note) 300,000 e. June Inventory 78,000 4 Accounts Payable (Record purchase of inventory on account) 78,000 (Record purchase of inventory on account) f. June Accounts Payable 78,000 24 Cash 78,000 (Record payment of supplier) 2. Prepare any adjusting entries necessary at December 31 . If an amount box does not require an entry, leave it blank. Chapter 8 Mini-Test - Open Book (Record payment of supplier) 78,000 g. Aung. 19 29,000 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) i. Dec. 15 Unearned Service Revenue Service Revenue 92,500 92,50021,63321,633319,000 29,000 \begin{tabular}{l} 92,500 \\ \hline \\ 92,500 \\ \hline 21,633 \end{tabular} (Record recognition of revenue) Foodback Chack My Work Step by Step Solution
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