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 $15,800; assume a perpetual inventory system. Apr. 1 Borrowed $710,000 from Summit Bank for general use; signed a 10-month, 7% annual interest-bearing note for the money. June 14 Received a $26,000 customer deposit for services to be performed in the future. July 15 Performed $4,650 of the services paid for on June 14. Dec. 12 Received electric bill for $26,260. Vigeland plans to pay the bill in early January. 31 Determined wages of $22,000 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.