Pool Corporation, Inc., sells swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool’s customers are small, family-owned businesses. Assume Pool Corporation completed the following transactions during the current year. Pool’s fiscal year ends on December 31.

Required:
1. Prepare journal entries for each of these transactions.
2. Prepare all adjusting entries required on December 31.

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Sept. 15 Oct. 1 Oct. 5 Oct. 15 Dec. 12 31 Paid a supplier $125,000 for inventory previously purchased on credit. Borrowed $900,000 from Southwest Bank for general use; signed an 11-month, 5 percent annual interest-bearing note for the money. Received a $40,000 customer deposit from Joe Lipscomb for services to be performed in the future. Performed $18,000 of the services paid for by Mr. Lipscomb. Received electric bill for $12,000. Pool plans to pay the bill in early January. Determined wages of $52,000 earned but not yet paid on December 31 (disregard payroll taxes).