View transaction list 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 ©
View transaction list 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 ©
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
Related questions
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). |

Transcribed Image Text:View transaction list
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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