Qw.120. Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.January 15Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventorysystem.April 1Borrowed $734,000 from Summit Bank for general use; signed a 10-month, 7 annual interest-bearing notefor the money.June 14July 15Received a $35,000 customer deposit for services to be performed in the future.Performed $4,050 of the services paid for on June 14.December 12Received electric bill for $26,260. Vigeland plans to pay the bill in early January.December 31 Determined wages of $26,000 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.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare journal entries for each of these transactions.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will berecorded in Part 2.View transaction listJournal entry worksheet1 23 4 5Record the $15,000 purchase of merchandise assuming a perpetual inventorysystem.Note: Enter debits before credits.DateJanuary 15Record entryGeneral JournalClear entryDebitCreditView general journal

The journal entries are prepared to keep the record of day to day transactions of the business on…

Igeland Company completed the "anuary 15 Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventory system. pril 1 Borrowed $734,000 from Summit Bank for general use; signed a 10-month, 7 annual interest-bearing note for the money. "une 14 Received a $35,000 customer deposit for services to be performed in the future. Performed $4,050 of the services paid for on June 14. July 15 December 12 Received electric bill for $26,260. Vigeland plans to pay the bill in early January. December 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes). equired: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31. ng transactions ing year 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 Note: Enter debits before credits. Record the $15,000 purchase of merchandise assuming a perpetual inventory system. Date January 15 ind's fiscal year ends on December 31. General Journal Debit Credit

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 24E: Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January...