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 amount was $14,800; assume a perpetual inventory system. Apr. 1 Borrowed $670,000 from Summit Bank for general use; signed a 10-month, 12% annual interest-bearing note for the money. June14 Received a $35,000 customer deposit for services to be performed in the future. July15 Performed $3,750 of the services paid for on June 14. Dec. 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. 31 Determined wages of $24,000 were earned but not yet paid on December 31 (disregard) payroll taxes). Prepare the adjusting entries required on December 31.