Question
Recording and Reporting Current Liabilities LO9-1 [The following information applies to the questions displayed below.] Vigeland Company completed the following transactions during Year 1. Vigelands
Recording and Reporting Current Liabilities LO9-1
[The following information applies to the questions displayed below.] Vigeland Company completed the following transactions during Year 1. Vigelands fiscal year ends on December 31.
Jan. | 15 | Purchased and paid for merchandise. The invoice amount was $15,500; assume a perpetual inventory system. | |
Apr. | 1 | Borrowed $878,000 from Summit Bank for general use; signed a 10-month, 11% annual interest-bearing note for the money. | |
June | 14 | Received a $26,000 customer deposit for services to be performed in the future. | |
July | 15 | Performed $3,450 of the services paid for on June 14. | |
Dec. | 12 | Received electric bill for $26,560. Vigeland plans to pay the bill in early January. | |
31 | Determined wages of $30,000 were earned but not yet paid on December 31 (disregard payroll taxes). 1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare the 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.)
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