Complete the end-of-period spreadsheet for Company ASS for the year ended October 31, 20Y3.

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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 $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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Chapter 4, Problem 22E

To determine

Complete the end-of-period spreadsheet for Company ASS for the year ended October 31, 20Y3.

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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 $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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