Recording and Reporting Current Liabilities
Vigeland Company completed the following transactions during 2011. The annual accounting period ends December 31, 2011.
Jan. 15 Purchased and paid for merchandise for resale at an invoice cost of $14,200; periodic inventory system.
Apr. 1 Borrowed $700,000 from Summit Bank for general use; executed a 10-month, 8 percent interest-bearing note payable.
June 14 Received a $15,000 customer deposit from Mark Muller for services to be performed in the future.
July 15 Performed $3,750 of the services paid for by Mr. Muller.
Dec. 12 Received electric bill for $27,860. The company will pay it in early January.
31 Determined wages of $15,000 earned but not yet paid on December 31 (disregard payroll taxes).
Required:
1. Prepare journal entries for each of these transactions.
2. Prepare all adjusting entries required on December 31. 2011.
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