Business, 07.04.2020 21:51 milkshakegrande101

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 $14,400; assume a perpetual inventory system. Apr. 1 Borrowed $708,000 from Summit Bank for general use; signed a 10-month, 14% 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 $2,850 of the services paid for on June 14. Dec. 12 Received electric bill for $26,760. Vigeland plans to pay the bill in early January. 31 Determined wages of $29,000 were earned but not yet paid on December 31 (disregard payroll taxes). 2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Answer from: MorallyGray

VIGELAND COMPANY

Journal Entries

Date Description DR CR

Jan 15 Merchandising Inventory 14,400

Cash 14,400

Being record of inventory purchase

April 1 Cash 708,000

14% Note payable 708,000

Being the record of note payable issued

June 14 Bank 26,000

Unearned Income 26,000

Being the record of deposit received

July 15 Unearned Income 2,850

Service Revenue 2,850

Being the payment for the services rendered

Dec 12 Electricity bill payable 26,760

Electricity bill expenses 26,760

Being the unsetled bill for the year

Dec 31 Wages payable 29,000

Wages Expenses 29,000

Explanation:

Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on

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