Vigeland Company completed the following transactions during Year 1. Vigelands fiscal year ends on December...
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Accounting
Vigeland Company completed the following transactions during Year 1. Vigelands fiscal year ends on December 31.
Jan.
15
Purchased and paid for merchandise. The invoice amount was $16,000; assume a perpetual inventory system.
Apr.
1
Borrowed $704,000 from Summit Bank for general use; signed a 10-month, 9% annual interest-bearing note for the money.
June
14
Received a $32,000 customer deposit for services to be performed in the future.
July
15
Performed $3,650 of the services paid for on June 14.
Dec.
12
Received electric bill for $26,660. Vigeland plans to pay the bill in early January.
31
Determined wages of $12,000 were earned but not yet paid on December 31 (disregard payroll taxes).
P9-1 Part 1
Required:
1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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