Recording Various Liabilities Instructions ME Chart of Accounts General Journal Instructions Plymouth Electronics had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $80,000. (Note: Assume a periodic inventory system) b. Year-end wages of $40,000 were incurred, but not paid. Related federal income taxes of $13,000 and Medicare taxes of $580 were withheld. Employee wages are all above the Social Security maximum, so only Medicare was paid C Year end estimated income taxes payable, but unpaid, for the year were $113,615 d. Sold merchandise on account for $3,636, including state sales taxes of $180. (Note: Assume a periodic inventory system.) e. Employer's share of Medicare taxes for the period was $580. The taxes will be paid at a later date. 1. Borrowed cash under a 180 day, 8%, $155,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently). CHART OF ACCOUNTS Plymouth Electronics General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 412 Service Revenue 112 Petty Cash 121 Accounts Receivable 413 Interest Income 123 Allowance for Doubtful Accounts 414 Rent Revenue 124 Notes Receivable 125 Supplies 126 Prepaid Insurance 127 Prepaid Rent 128 Inventory EXPENSES 511 Cost of Goods Sold 512 Advertising Expense 513 Supplies Expense 514 Utilities Expense 515 Insurance Expense 516 Repairs and Maintenance Expense 517 Bad Debt Expense 129 Interest Receivable 130 Investment 131 Land 132 Buildings 134 Furniture 519 Warranty Expense 135 Trucks 521 Wages Expense 139 Accumulated Depreciation 523 Commissions Expense 524 Social Security Taxes Expense 525 Medicare Taxes Expense 526 Federal Unemployment Taxes Expense 527 State Unemployment Taxes Expense 531 Interest Expense 541 Amortization Expense LIABILITIES 211 Accounts Payable 212 Utilities Payable 213 Insurance Payable 214 Interest Payable 215 Warranty Liability 216 Income Taxes Payable 221 Excise Taxes Payable (Federal) 222 Excise Taxes Payable (State) 223 Property Taxes Payable 224 Sales Taxes Payable (State) 231 Wages Payable 233 Commissions Payable 234 Federal Income Taxes Withholding Payable 235 State Income Taxes Withholding Payable 236 Social Security Taxes Pavable 542 Depreciation Expense 551 Income Taxes Expense 552 Property Taxes Expense 561 Purchases 562 Purchase Returns and Allowances 563 Purchase Discounts 564 Transportation in 30. Social Security Taxes Payable 237 Medicare Taxes Payable 238 Charitable Contributions Payable 239 Union Dues Payable 241 Federal Unemployment Taxes Payable 242 State Unemployment Taxes Payable 251 Unearned Sales Revenue 252 Unearned Rent Revenue 261 Bonds Payable 262 Notes Payable EQUITY 311 Common Stock 321 Retained Earnings 331 Dividends Prepare the entry to record each of these transactions on December 3 (treat each transaction Independently Genew Journal Instructions How does greding work? GENERAL JOURNAL Score: 118/187 DATE ACCOUNT TITLE POST REF DERIT CREDIT ASSETS 1 Dec 31 Purchases 80,000.00 2 Accounts Payable 80,000.00 3 Dec 31 Wages Expense 40,000.00 4 Cash 580.00 5 Wages Payable 59.420.00 6 Dec. 31 Income tax 113,615.00 7 113,615.00 income tax payable account receivables Dec. 31 3,456.00 9 sales tax 180.00 1 Dec account receivables 37456.00 9 sales tax 180.00 10 sales 3,456.00 11 180.00 12 580.00 sales tax payable Dec. 31 medicare taxes Medicare Taxes Payable Dec. 31 Cash 13 $80.00 14 155,000,00 1 IS short term loan 155,000.00