Question
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. Jan.15Purchased and paid for merchandise. The invoice amount was
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.
Jan.15Purchased and paid for merchandise. The invoice amount was $15,500; assume a perpetual inventory system.Apr.1Borrowed $790,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money.June14Received a $21,000 customer deposit for services to be performed in the future.July15Performed $3,650 of the services paid for on June 14.Dec.12Received electric bill for $26,860. Vigeland plans to pay the bill in early January.31Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes).
Prepare the adjusting entries required on December 31
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