Reference no: EM131095626
The following information applies to the questions displayed below/
Vigeland Company completed the following transactions during 2014. The annual accounting period ends December 31. 2014.
Jan. 15 Purchased and paid for merchandise for resale at an Invoice cost of $14.400: periodic Inventory system.
Apr. 1 Borrowed $676.000 from Summit Bank for general use: executed a 9-month.12 percent interest-bearing note payable.
June 14 Received a $35.000 customer deposit from Mark Muller for services to be performed in the future. July 15 Performed $2,750 of the services paid for by Mr. Muller.
Dec. 12 Received electric bill for $27.660. The company will pay it In early January.
31 Determined wages of $25.000 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, 2014. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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