Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during the year: a. Purchased merchandise on credit for $30,000. (Note: Assume a periodic inventory system). b. Year-end wages of $12,000 were incurred, but not paid. Related federal income taxes of $1,440, Social Security of $744 (employee portion), and Medicare taxes of $174 are withheld from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,313, including state sales taxes of $63. (Note: Assume a periodic inventory system). e. Employer's share of Social Security and Medicare taxes for the period were $744 and $174, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently). If an amount box does not require an entry, leave it blank. a. Inventory Accounts Payable (Record purchase of inventory on account) b. Wages Expense Income Taxes Expense Social Security Taxes Payable (Employee) Medicare Taxes Expense (Employer) Wages Payable (Record wages and liabilities) 88 00000 Danie Next Medicare Taxes Expense (Employer) Wages Payable (Record wages and liabilities) c. Income Taxes Expense Income Taxes Payable (Record accrued income taxes) d. Accounts Receivable e. Cash Income Taxes Payable (Record sale)) (Record employer payroll taxes) f. Cash Notes Payable (Record issuance of note) 88 88 000 0000 00 88 0000 00 Check My Work 3 more Check My Work uses remaining Previous Next