Vigeland Company completed the following transactions during Year 1. Vigeland’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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Jan. 15 Apr. 1 June 14 July 15 Dec. 12 31 Purchased and paid for merchandise. The invoice amount was $26,500; assume a perpetual inventory system. Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6 percent annual interest-bearing note for the money. Received a $15,000 customer deposit for services to be performed in the future. Performed $3,750 of the services paid for on June 14. Received electric bill for $27,860. Vigeland plans to pay the bill in early January. Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes).