Answered: View transaction list View journal… | bartleby

Business/Professional Ethics Directors/Executives/Acct

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter8: Subprime Lending Fiasco-ethics Issues

Section: Chapter Questions

Problem 3.7EC

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Question

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 $15,400; assume a perpetual inventory system.
April 1	Borrowed $660,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money.
June 14	Received a $34,000 customer deposit for services to be performed in the future.
July 15	Performed $3,950 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 $18,000 were earned but not yet paid on December 31 (disregard payroll taxes).

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View journal entry worksheet
No
Date
General Journal
Debit
Credit
1
January 15
No Transaction Recorded
Text
2
April 01
Cash
Note payable, short term
3
June 14
Cash
4
July 15
Service revenue
Text
Text
5
December 12 No Transaction Recorded
Required 1.
Required 2
660,000
660,000
34,000
34,000
3,950
3,950
©

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