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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 $26,500; assume a perpetual inventory system. April 1 Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money. Received a $15,000 customer deposit for services to be performed in the future. Performed $3,750 of the services paid for on June 14. Received electric bill for $27,868. Vigeland plans to pay the bill in early January. June 14 July 15 December 12 December 31 Determined wages of $15,000 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 the adjusting entries required on December 31. Note: 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 1 2 Record the $15,000 wages earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry < Required 1 Debit Credit View general journal Required 2 >

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 $26,500; assume a perpetual inventory system. April 1 Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money. Received a $15,000 customer deposit for services to be performed in the future. Performed $3,750 of the services paid for on June 14. Received electric bill for $27,868. Vigeland plans to pay the bill in early January. June 14 July 15 December 12 December 31 Determined wages of $15,000 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 the adjusting entries required on December 31. Note: 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 1 2 Record the $15,000 wages earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry < Required 1 Debit Credit View general journal Required 2 >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $26,500; assume a perpetual inventory system. April 1 Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money. Received a $15,000 customer deposit for services to be performed in the future. June 14 July 15 Performed $3,750 of the services paid for on June 14. December 12 Received electric bill for $27,868. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 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 Prepare the adjusting entries required on December 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required 2 View transaction list Journal entry worksheet < 1 2 Record the $15,000 wages earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry < Required 1 Debit Credit View general journal Required 2 > >
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 $26,500; assume a perpetual inventory system. April 1 Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money. Received a $15,000 customer deposit for services to be performed in the future. June 14 July 15 Performed $3,750 of the services paid for on June 14. December 12 Received electric bill for $27,868. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 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 Prepare the adjusting entries required on December 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required 2 View transaction list Journal entry worksheet < 1 2 Record the $15,000 wages earned but not yet paid on December 31 (disregard payroll taxes). Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry < Required 1 Debit Credit View general journal Required 2 > >
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