Recording and Reporting Liabilities Excel Case Problem

Applejack Company is the world's largest wholesale distributor of swimming pool supplies and

equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. It sells

these products to swimming pool repair and service businesses, swimming pool builders, and

retail swimming pool stores. The majority of these customers are small, family$-$owned

businesses. Applejack Company completed the following transactions during $2021.$ The annual

accounting period ends December $31,2021.$

Sept $15$ Purchased and paid for merchandise for resale at an invoice cost of $$100,000$

Oct. $1$ Borrowed $$800,000$ from Southwest Bank for general use; signed an $11-$month,

$5\%$ interest$-$bearing note payable.

Oct. $5$ Received a $$35,000$ customer deposit from Joe Jones for services to be

performed in the future

Oct $15$ Performed $$18,000$ of the services paid for by Mr$.$ Jones

Dec $12$ Received electric bill for $$12,000.$ Smith will pay it in early January.

Dec $31$ Determined wages of $$50,000$ earned but not yet paid on December $31$st

$($disregard payroll taxes$)$

Required: Submit your answers below in an Excel spreadsheet. Include formulas.

$1.$ Prepare journal entries for each of these transactions.

$2.$ Prepare any adjusting entries required on December $31,2021.$