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Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $14,400; assune a perpetiuat inventory April 1 Borrowed \$642,000 from Summit Bank for general use; signed a 10-month, 116 annual interest-bearing June 14 note for the money. July 15 Received a $20,000 customer deposit for services to be performed in the future. December Performed $2,750 of the services paid for on June 14 . December 12 Received electric bill for $27,760. Vigeland plans to pay the bitl in early January. December 31 Determined wages of $12, 00e were earned but not yet paid on Decenber 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. 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 firt account feld. Journal entry worksheet Journal entry worksheet Record the $12,000 wages earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for interest expense on the $642,000,11% annual interest-bearing note as on December 31. Note: Enter debits before credits
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