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please help Daniels Company engaged in the following transactions during 2020 . a. Purchased $30,000 of merchandise from y2 Supplies on January 26 Amount doe
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Daniels Company engaged in the following transactions during 2020 . a. Purchased $30,000 of merchandise from y2 Supplies on January 26 Amount doe in full on February 28 b Paid for 40% of the purchased merchandise (Transaction a) on February 26 c. On February 28, negotiste a payment extension with XYZ for the temainder of the balance from the January 26 purchase by signing a 1 -year, B\% note d Bofrowed 5200,000 on an 8 month 9% interestbearing note on July 31 e Purchased $170,000 of metchandse on August 2 Amount due in full on Septenber 30 1. Paid for the purchased merchandise (Transaction e) on September 28 0. Receeved from Mantet inci on October 4, a $40,000 deposit against a total seling price of $400, ,00 for services to be performed for Martet. h. Padd quarterly instaliments of Social Security, Medicare, and indwdual income tax withioldings, as shown below, on October 10. The Social Securty and Medicare were previoksly recorded as expenses during the fuatter and the amounts pad represent both the enployee and employer shares (50\% each) 1. On Decembet 15, Daniels completed the services ordered by Martel on Octobec 4 . Marter's remaining balance of 5360,000 is due on January 31 Required: 1. Prepare jourbal entries far these transachons 2. Prepare any adjusting entnes necessary at December 31, 2020 Step by Step Solution
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