Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. [the following information applies to the question

[The following information applies to the questions displayed below.] Vigeland Company completed the following transactions...

60.1K

Verified Solution

Question

Accounting

[The following information applies to the questions displayed below.] Vigeland Company completed the following transactions during Year 1. Vigelands fiscal year ends on December 31. Jan. 15 Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventory system. Apr. 1 Borrowed $622,000 from Summit Bank for general use; signed a 10-month, 14% annual interest-bearing note for the money. June 14 Received a $22,000 customer deposit for services to be performed in the future. July 15 Performed $4,650 of the services paid for on June 14. Dec. 12 Received electric bill for $26,960. Vigeland plans to pay the bill in early January. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students