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 $664,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money.

June 14 Received a $33,000 customer deposit for services to be performed in the future.

July 15 Performed $3,750 of the services paid for on June 14.

Dec. 12 Received electric bill for $27,160. Vigeland plans to pay the bill in early January.

31 Determined wages of $16,000 were earned but not yet paid on December 31 (disregard payroll taxes).

1.value:

4.00 pointsRequired information

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.)

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.)