P9-1 (Static) Recording and Reporting Current Liabilities LO9-1 Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The involce amount was $26,500; assume a perpetual invento? April 1 Borrowed $700,000 from sumnit bank for general use; signed a 10-month, 61 annual interent-beari June 14 Received a $15,000 customer deposit for services to be performed in the future. July 15 Performed $3,750 of the services paid for on June 14 . Deceeber 12 recelved electrie bil1 for $27,860. Vigeland plans to pay the bi11 in early January. December 31 Deternined wages of $15,000 were earned but not yet paid on December 31 fdisregard payrol1 taxi Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31 . Journal entry worksheet 5 Record the $26,500 purchase of merchandise assuming a perpetual inventory system. Note. Enter debits before cred ts. Journal entry worksheet 5 Record $700,000 borrowed for general use; signing a 10-month, 6% annual interest-bearing note for the money. Note: Enter debits before credits. Record the a $15,000 received as customer deposit for services to be performed in the future. Note: Enter debits before credits. Journal entry worksheet 1 Record the $3,750 services paid on July 15 . Note: Enter debits before credits. Journal entry worksheet Record the $27,860 electric bill for to be paid in early January. Note: Enter debits before credits. Journal entry worksheet Record the $15,000 wages earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for interest expense on the $700,000,6% annual interest-bearing note as on December 31 . Note: Enter debits before credits