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Instructions Daniels Company engaged in the following transactions during 2020: a. Purchased $45,000 of merchandise from XYZ Supplies on January 26. Amount due in full on February 28, b. Paid for 40% of the purchased merchandise (Transaction a) on February 26, c. On February 28, negotiate a payment extension with XYZ for the remainder of the balance from the January 20 purchase by signing a 1year, 8% note d. Borrowed $200,000 on an 8-month, 0% interest-bearing note on July 31. .. Purchased $100,000 of merchandise on August 2. Amount due in full on September 30 1. Pald for the purchased merchandise (Transaction e) on September 26, Q. Received from Murtol Inc. on October 4, a $30,000 deposit against a total soling price of $300,000 for services to be performed for Martel h. Pald quarterly Inutatments of Social Security, Medicare, and individual income tax withholdings, as shown below, on October 10. 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), Instructions General Journal 1. Prepare the joumat entries for the transactions on Daniels Company GENERAL JOURNAL ACT ON FINANCIAL STATEM BALANCE SHEET DATE ACCOUNT TITLE POSTER DEBIT CREDIT ASSETS UABUTIES REVUE 1 1 1 22 25 2. Prepare any adjusting entries necessary at December 31, 2020, GENERAL JOURNAL INPACT ON FINANCIAL STATEM BALANCE SHEET NO DATE DEBIT CRET ALMETI LABUTI LOUIT REVDU ACCOUNT TITLE Adjusting Entries 1

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