! Required information (The following information applies to the questions displayed below.) Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice anount was $14,400; una perpetual inventory system. Apr. 1 Borrowed $748,000 from Summit Bank tor general use; signed a 10-month, 9 annual interest-bearing note for the money June 14 Received a $23,000 customer deposit for services to be performed in the future. July15 Performed $3,650 of the services paid for on June 14. Dec. 12 Received electric bill for 526,760. Vigeland plans to pay the bill in early January 31 Determined wages of $27,000 were earned but not yet paid on December 31 (disregard payroll taxes). 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.) Answer is complete but not entirely correct. Debit No Credit General Journal Date 56,100 1 December 31 Interest expense Interest payable 56.100 ! Required information (The following information applies to the questions displayed below.) Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice anount was $14,400; una perpetual inventory system. Apr. 1 Borrowed $748,000 from Summit Bank tor general use; signed a 10-month, 9 annual interest-bearing note for the money June 14 Received a $23,000 customer deposit for services to be performed in the future. July15 Performed $3,650 of the services paid for on June 14. Dec. 12 Received electric bill for 526,760. Vigeland plans to pay the bill in early January 31 Determined wages of $27,000 were earned but not yet paid on December 31 (disregard payroll taxes). 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.) Answer is complete but not entirely correct. Debit No Credit General Journal Date 56,100 1 December 31 Interest expense Interest payable 56.100