Question

The lolowing informetion applies to the questions displayed below Vigeland Company completed ne tollowing transacions during Year 1. Vigeland's tscal year ends on December 3t Jan 15 Purchased and paid for merchandise. The involice amount was $15100, assume a perpetual inventory system Apr 1 Borrowed $868,000 from Summit Bank for general use; signed a 10-month, 14% annual interest-bearing note for the money. June14 Recelved a $19.000 customer deposit for services to be performed in the future July15 Pertormed 33150 or the services paid for on June 14. Dec 12 Recelved electric bill for $27,360. Vigeland plans to pay the bill In early January 31 Determined wages of $28,000 were earned but not yer paid on December 31(dsregard payrol saxes value 9.00 points Required: 1. Prepare joumal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Purchased and amount was $15,100; assume a perpetual inventory system for merchandise. The invoice Note: Enter debits before credits. Record entry View general journal Clear entry References eBook & Resources General Journal Difficulty: 2 Medium Objective: 09-01 Deline, measure, and report current labilites value 9.00 points 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.) View transaction list Journal entry worksheet Record the adjusting entry required on December 31 Note: Enter debits before credits 31 Record entry View general journal Clear entry References Book & Resourees General Journal Difficulty: 2 Medium Objective: 09-01 Deline, measure, and report current labilites

Answer 1

1
January 15	Inventory	15100
	Cash		15100
Apr 1	Cash	868000
	Notes payable		868000
June 14	Cash	19000
	Deferred Revenue		19000
July 15	Deferred Revenue	3150
	Service revenue		3150
Dec. 12	Electric expense	27360
	Electric payable		27360
Dec. 31	Wages expense	28000
	Wages payable		28000
2
Dec. 31	Interest expense	91140		=868000*14%*9/12
	Interest payable		91140