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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
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 $15,180; assume perpetual inventory system. Apr. 1 Borrowed $630,288 from Summit Bank for general use; signed a 18-month, 14% 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 $3,058 of the services paid for on June 14. Dec. 12 Received electric bill for $27,462. Vigeland plans to pay the bill in early January. 31 Determined wages of $13,882 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 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.) View transaction Mat Journal entry worksheet 1 5 8 Purchased and paid for merchandise. The invoice amount was $15,100; assume a perpetual inventory system. Note: Enter debits before credits. Date General Journal Debit Credit January 15 Record entry Clear entry View general Journal Salaries and wages earned by employees Employee income taxes withheld Employee government insurance premiums withheld FICA payroll taxes $ 280, eee 40, cee 1,800 15,000 *Assessed on both employer and employee (i.e., $15,000 each). Required: 1. Prepare the journal entry to record the payroll for March, including employee deductions. Assume employees have been paid but that Paul has yet to transfer any withholdings to the government. 2. Prepare the journal entry to record the employer's payroll taxes, which have not yet been paid to the government. 3. Provide a combined journal entry to show the payment of all amounts owed to governmental agencies. (For all requirements, 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 payroll for March, including employee deductions. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Received a $23,000 customer deposit for services to be performed in the future. Note: Enter debits before credits. General Journal Debit Credit Date June 14 Record entry Clear entry View general Journal Journal entry worksheet
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