Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. Jan. 15 Purchas

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4 years ago

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Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. Jan. 15 Purchas

ed and paid for merchandise. The invoice amount was $14,400; assume a perpetual inventory system. Apr. 1 Borrowed $708,000 from Summit Bank for general use; signed a 10-month, 14% annual interest-bearing note for the money. June 14 Received a $26,000 customer deposit for services to be performed in the future. July 15 Performed $2,850 of the services paid for on June 14. Dec. 12 Received electric bill for $26,760. Vigeland plans to pay the bill in early January. 31 Determined wages of $29,000 were earned but not yet paid on December 31 (disregard payroll taxes). 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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