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 $125,000. Assume Pool uses a periodic inventory system. Oct. 1 Borrowed $900,000 from Southwest Bank for general use; signed an 11-month, 5% annual interest-bearing note for the money. Oct. 5 Received a $40,000 customer deposit from Joe Lipscomb for services to be performed in the future. Oct.15 Performed $18,000 of the services paid for by Mr. Lipscomb. Dec. 12 Received electric bill for $12,000. Pool plans to pay the bill in early January. 31 Determined wages of $52,000 earned but not yet paid on December 31 (disregard 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.)