Igeland Company completed the "anuary 15 Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventory system. pril 1 Borrowed $734,000 from Summit Bank for general use; signed a 10-month, 7 annual interest-bearing note for the money. "une 14 Received a $35,000 customer deposit for services to be performed in the future. Performed $4,050 of the services paid for on June 14. July 15 December 12 Received electric bill for $26,260. Vigeland plans to pay the bill in early January. December 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes). equired: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31. ng transactions ing year 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 Note: Enter debits before credits. Record the $15,000 purchase of merchandise assuming a perpetual inventory system. Date January 15 ind's fiscal year ends on December 31. General Journal Debit Credit
Igeland Company completed the "anuary 15 Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventory system. pril 1 Borrowed $734,000 from Summit Bank for general use; signed a 10-month, 7 annual interest-bearing note for the money. "une 14 Received a $35,000 customer deposit for services to be performed in the future. Performed $4,050 of the services paid for on June 14. July 15 December 12 Received electric bill for $26,260. Vigeland plans to pay the bill in early January. December 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes). equired: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31. ng transactions ing year 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 Note: Enter debits before credits. Record the $15,000 purchase of merchandise assuming a perpetual inventory system. Date January 15 ind's fiscal year ends on December 31. General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Qw.120.
Transcribed Image Text:Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.
January 15
Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventory
system.
April 1
Borrowed $734,000 from Summit Bank for general use; signed a 10-month, 7 annual interest-bearing note
for the money.
June 14
July 15
Received a $35,000 customer deposit for services to be performed in the future.
Performed $4,050 of the services paid for on June 14.
December 12
Received electric bill for $26,260. Vigeland plans to pay the bill in early January.
December 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes).
Required:
1. Prepare journal entries for each of these transactions.
2. Prepare the adjusting entries required on December 31.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare journal entries for each of these transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be
recorded in Part 2.
View transaction list
Journal entry worksheet
1 2
3 4 5
Record the $15,000 purchase of merchandise assuming a perpetual inventory
system.
Note: Enter debits before credits.
Date
January 15
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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