Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. Jan.15

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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 $26,500; assume a perpetual inventory system.

Apr. 1 Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money.

June 14 Received a $15,000 customer deposit for services to be performed in the future.

July 15 Performed $3,750 of the services paid for on June 14.

Dec.12 Received electric bill for $27,860. Vigeland plans to pay the bill in early January.

31 Determined wages of $15,000 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.)