{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T00:10:36-04:00", "answer_date": "2024-05-27 00:10:36", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1767747", "url": "\/study-help\/questions\/vigeland-company-completed-the-following-transactions-during-year-1-vigelands-1767747", "question_creation_date_js": "2024-05-27T00:10:36-04:00", "question_creation_date": "May 27, 2024 12:10 AM", "meta_title": "[Solved] Vigeland Company completed the following | SolutionInn", "meta_description": "Answer of - Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. Janua | SolutionInn", "meta_keywords": "vigeland,company,completed,transactions,year,1,s,fiscal,ends,december,31,january", "question_title_h1": " Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. January 15 April 1 June 14 July 15", "question_title": " Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal", "question_title_for_js_snippet": "Vigeland Company completed the following transactions during Year 1 Vigeland's fiscal year ends on December 31 January 15 April 1 June 14 July 15 December 12 Purchased and paid for merchandise The invoice amount was $15,000 assume a perpetual inventory system Borrowed $734,000 from Summit Bank for general use signed a 10 month, 7 annual interest bearing note for the money Received a $35,000 customer deposit for services to be performed in the future Performed $4,050 of the services paid for on June 14 Received electric bill for $26,260 Vigeland plans to pay the bill in early January December 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes) Required 1 Prepare journal entries for each of these transactions 2 Prepare the adjusting entries required on December 31 Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare the adjusting entries required on December 31 Note 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 1 2 Record the $26,000 wages earned but not yet paid on December 31 (disregard payroll taxes) Note Enter debits before credits Date December 31 General Journal Debit Credit Record entry Clear entry View general journal", "question_description": "\"image", "transcribed_text": "Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. January 15 April 1 June 14 July 15 December 12 Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventory system. Borrowed $734,000 from Summit Bank for general use; signed a 10-month, 7% annual interest-bearing note for the money. Received a $35,000 customer deposit for services to be performed in the future. Performed $4,050 of the services paid for on June 14. Received electric bill for $26,260. Vigeland plans to pay the bill in early January. December 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes). Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting entries required on December 31. Note: 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 1 2 Record the $26,000 wages earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal", "related_book": { "title": "Financial accounting", "isbn": "9780135114933, 136108865, 978-0136108863", "edition": "8th Edition", "authors": "Walter T. Harrison, Charles T. Horngren, William Bill Thomas", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/196.jpg", "uri": "\/textbooks\/financial-accounting-8th-edition-196", "see_more_uri": "" }, "free_related_book": { "isbn": "1789205530", "uri": "\/textbooks\/institutionalised-dreams-the-art-of-managing-foreign-aid-1st-edition-9781789205534-139767", "name": "Institutionalised Dreams The Art Of Managing Foreign Aid", "edition": "1st Edition" }, "question_posted": "2024-05-27 00:10:36", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/there-are-several-types-of-interviews-list-and-define-the-655717", "description": "There are several types of interviews. List and define the methods of interviewing. List and discuss the different types of employment tests. 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