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 $$6,000$ were incurred, but not paid. Related federal income taxes of $$720,$ Social Security of $$372($employee portion$),$ and Medicare taxes of $$87$

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 $$1,271,$ including state sales taxes of $$61.($Note: Assume a periodic inventory system$).$

e$.$ Employer's share of Social Security and Medicare taxes for the period were $$372$ and $$87,$ 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$.$ Purchases

Accounts Payable

$($Record purchase of inventory on account$)$

b$.$

$($Record wages and liabilities$)$

c$.-$ Select $-$

$($Record accrued income taxes$)$

d$.$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$($Record sale$)$

e$.$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$($Record employer payroll taxes$)$

f$.$

$-$ Select $--$ Select $-$

$-$ Select $--$ Select $-$

$($Record issuance of note$)$