[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 $16,000; assume a perpetual inventory system.
Apr.	1		Borrowed $866,000 from Summit Bank for general use; signed a 10-month, 11% annual interest-bearing note for the money.
June	14		Received a $15,000 customer deposit for services to be performed in the future.
July	15		Performed $4,350 of the services paid for on June 14.
Dec.	12		Received electric bill for $25,960. Vigeland plans to pay the bill in early January.
	31		Determined wages of $25,000 were earned but not yet paid on December 31 (disregard payroll taxes).

References

Section BreakP9-1 Recording and Reporting Current Liabilities LO9-1

8.

value: 7.14 points

Required information

P9-1 Part 1

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.)

References

eBook & Resources

General JournalDifficulty: 2 Medium

P9-1 Part 1Learning Objective: 09-01 Define, measure, and report current liabilities.

Check my work

9.

value: 7.14 points

Required information

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.)