Business, 07.04.2020 23:08 triciajfive

Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: Purchased merchandise on credit for $30,000. (Note: Assume a periodic inventory system.) Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were withheld from employees. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. Sold merchandise on account for $1,262, including state sales taxes of $48. (Note: Assume a periodic inventory system.) Employer's share of Social Security and Medicare taxes for the period were $620 and $145, respectively. 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. (Record purchase of inventory on account) b. (Record wages and liabilities) c. (Record accrued income taxes) d. (Record sale) e. (Record employer payroll taxes) f. (Record issuance of note)

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Recording Various Liabilities Glenview Hardware had the following transactions that produced liabili...

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