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Required information P9-1 (Algo) Recording and Reporting Current Liabilities LO9-1 [The following information applies to the questions displayed below.) Part 2 of 2 Vigeland Company
Required information P9-1 (Algo) Recording and Reporting Current Liabilities LO9-1 [The following information applies to the questions displayed below.) Part 2 of 2 Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. 10 points Jan. 15 Purchased and paid for merchandise. The invoice amount was $15, 200; assume a perpetual inventory system. Apr. 1 Borrowed $668,000 from Summit Bank for general use; signed a 10-month, 12% annual interest-bearing note for the money. June 14 Received a $32,000 customer deposit for services to be performed in the future. July 15 Performed $3,050 of the services paid for on June 14. Dec. 12 Received electric bill for $27,660. 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). eBook Print References P9-1 Part 2 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.) View transaction list Journal entry worksheet Record the adjusting entry required on December 31
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