1. The State Fair Company completed the following transactions during 2020. The annual accounting period ends on December 31, 2020. Prepare the six journal entries for these transactions in good form. April 1. Borrowed $700,000 from Borlaug Bank for general use. 12 month, 6% interest

bearing note payable.

June 14. Received a $15,000 customer deposit from AGR for services to be performed in

the future.

July 15. Performed $3,750 of the services paid for by AGR. Dec. 12. Received electric bill for $27,860. State Fair Company will pay it next January. Dec. 31. Determined wages of $52,000 earned but not yet paid on December 31 st . Recorded the interest expense related to April 1 st transaction. Not yet paid. ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

And Create T accounts for Cash, Notes Payable, Unearned Service Revenue, Service Revenue, Utility Expense, Utilities Payable, Wages Expense, Wages Payable, Interest Expense, and Interest Payable. Take each journal entry you created from Problem 1 and place it in the appropriate T account.