Problem $8-73$A $($Algorithmic$)$

Payable Transactions

Richmond Company engaged in the following transactions during $2019$:

a$.$ Purchased $$16,000$ 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 $$27,000$ deposit against a total selling price of $$270,000$ 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$)$:

Social Security taxes withheld $$185,000$

Medicare taxes withheld $43,266$

Federal income taxes withheld $319,000$

i$.$ On December $15,$ Richmond completed the services ordered by Haywood on August $19.$ Haywood's remaining balance of $$243,000$ is due on January $31.$

Required:

Prepare journal entries for these transactions. If an amount box does not require an entry, leave it blank.

a$.$ Feb. $16$

Accounts Payable

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

b$.$ Feb. $26$ Accounts Payable $$

$($Record partial payment of supplier$)$

$$

$3$ more Check My Work uses remaining.

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