(Solved by Humans)-Problem 8-46A ACCOUNTS PAYABLE WITH PURCHASE DISCOUNTS Richmond Company engaged in the following...

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                                                                                    Problem 8-46A  ACCOUNTS PAYABLE WITH PURCHASE  DISCOUNTS Richmond Company engaged in the following transactions during 2009: a.      Purchased $16,000 of merchandise on February 16. The seller offered terms of 1/10,   n/15. b.     Paid for the purchased merchandise (transaction a) on February 26. c.      Borrowed $140,000 on a 10-month, 9 percent interest-bearing note on April 30. d.     Purchased $28,000 of merchandise on June 4. The seller offered terms of 2/15, n/20. e.      Paid for the purchased merchandise (transaction d) on June 24. f.      Received from Haywood, Inc., on August 19 a $12,000 deposit against a total selling price of $120,000 for merchandise to be manufactured for Haywood. g.     Paid quarterly installments of Social Security and individual federal income tax with- holdings, as shown below, on October 15. The Social Security was recorded as an expense during the quarter, and the amount paid represents both the employee and employer share (50% each).   Social Security tax                                                                 $116,000 Federal income tax withheld                                               419,000 Assume that Richmond records inventory using the gross method.   Required: 1.     Prepare journal entries for these transactions. 2.     Prepare any adjusting entries necessary at December 31, 2009.