CON9-1 (Algo) Recording and Reporting Liabilities Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool's customers are small, family-owned businesses. Assume that Pool Corporation completed the following transactions during the current year Sept. 15 Purchased and paid for merchandise for resale. The invoice amount was $130,500. Assune Pool uses a periodic Inventory system. Oct. 1 Borrowed $985,500 from Southwest Bank for general use: signed an 11-month, 5% annual interest-bearing note fort the money. Oct. 5 Received a $42,750 customer deposit from Joe Lipscomb for services to be performed in the future. Oct.15 Performed $20,200 of the services paid for by Mr. Lipscomb, Dec. 12 Received electric bill for $12, 550. Pool plans to pay the bill in early January, 31 Determined wages of $53,100 earned but not yet paid on December 31 Idisregard payroll taxes). Required: 1&2. Prepare journal entries for each of these transactions and all 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. Round your answers to the nearest whole dollar amount.) Journal entry worksheet < 2 3 4 5 6 7 dollar amount.) View transaction list Journal entry worksheet 2 3 4 5 6 7 Purchased and paid for merchandise for resale. The invoice amount was $130,500. Assume Pool uses a periodic inventory system. Note: Enter debits before credits. Date September 15 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Borrowed $905,500 from Southwest Bank for general use; signed an 11- month, 5% annual interest-bearing note for the money. Note: Enter debits before credits. Date October 01 General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 of 2 Next > Required: 1.&2. Prepare journal entries for each of these transactions and all adjusting entries required on December 31. (If no e for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nea dollar amount.) View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 Received a $42,750 customer deposit from Joe Lipscomb for services to be performed in the future. Note: Enter debits before credits. Date General Journal Debit Credit October 05 Record entry Clear entry View general journal < Prev 2 of 2 Next View transaction list Journal entry worksheet 1 2 3 > 5 6 7 Performed $20,200 of the services paid for by Mr. Lipscomb. Note: Enter debits before credits. Date October 15 General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 of 2 Next > View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 Received electric bill for $12,550. Pool plans to pay the bill in early January. Note: Enter debits before credits. Date December 12 General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 of 2 Next Journal entry worksheet > 1 2 3 4 5 7 Determined wages of $53,100 earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 Record the adjusting entry at December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal