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Pool Corporation, Incorporated, sells swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of
Pool Corporation, Incorporated, sells 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. Pool's fiscal year ends on December 31. September 15 October 1 October 5 October 15 December 12 December 31 Required: Paid a supplier $133,500 for inventory previously purchased on credit. Borrowed $908,500 from Southwest Bank for general use; signed an 11-month, 5% annual interest-bearing note for the money. Received a $44,250 customer deposit from Joe Lipscomb for services to be performed in the future. Performed $21,400 of the services paid for by Mr. Lipscomb. Received electric bill for $12,850. Pool plans to pay the bill in early January. Determined wages of $53,700 earned but not yet paid on December 31 (disregard payroll taxes). 1.&2. Prepare journal entries for each of these transactions and all adjusting entries required on December 31. Note: 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.
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