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

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Problem 8-46B  ACCOUNTS PAYABLE WITH PURCHASE DISCOUNTS Daniels Company engaged in the following transactions during 2010: a.      Purchased $48,000 of merchandise on January 26. The seller offered terms of 1/10,   n/15. b.     Paid for the purchased merchandise (transaction a) on February 6. c.      Borrowed $420,000 on an eight-month, 7 percent interest-bearing note on May 31.   d.     Purchased $84,000 of merchandise on June 2. The seller offered terms of 2/15, n/20. e.      Paid for the purchased merchandise (transaction d) on June 28. f.      Received from Haywood, Inc., on September 4 a $36,000 deposit against a total selling price of $360,000 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 10. 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                                         $  348,000 Federal income tax withheld                        1,257,000 Assume that Daniels records inventory using the gross method.   Required: 1.     Prepare journal entries for these transactions. 2.     Prepare any adjusting entries necessary at December 31, 2010.