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

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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 $14,800; assume a perpetual inventory system. Apr. 1 Borrowed $670,000 from Summit Bank for general use; signed a 10-month, 12% annual interest-bearing note for the money. June14 Received a $35,000 customer deposit for services to be performed in the future. July15 Performed $3,750 of the services paid for on June 14. Dec. 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. 31 Determined wages of $24,000 were earned but not yet paid on December 31 (disregard) payroll taxes). Prepare the adjusting entries required on December 31. 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 $14,800; assume a perpetual inventory system. Apr. 1 Borrowed $670,000 from Summit Bank for general use; signed a 10-month, 12% annual interest-bearing note for the money. June14 Received a $35,000 customer deposit for services to be performed in the future. July15 Performed $3,750 of the services paid for on June 14. Dec. 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. 31 Determined wages of $24,000 were earned but not yet paid on December 31 (disregard) payroll taxes). Prepare the adjusting entries required on December 31.

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Solution Req 2 Event 1 2 Date December 32 ... View the full answer