Igeland Company completed the "anuary 15 Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventory system. pril 1 Borrowed $734,000 from Summit Bank for general use; signed a 10-month, 7 annual interest-bearing note for the money. "une 14 Received a $35,000 customer deposit for services to be performed in the future. Performed $4,050 of the services paid for on June 14. July 15 December 12 Received electric bill for $26,260. Vigeland plans to pay the bill in early January. December 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes). equired: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31. ng transactions ing year 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 Note: Enter debits before credits. Record the $15,000 purchase of merchandise assuming a perpetual inventory system. Date January 15 ind's fiscal year ends on December 31. General Journal Debit Credit
Igeland Company completed the "anuary 15 Purchased and paid for merchandise. The invoice amount was $15,000; assume a perpetual inventory system. pril 1 Borrowed $734,000 from Summit Bank for general use; signed a 10-month, 7 annual interest-bearing note for the money. "une 14 Received a $35,000 customer deposit for services to be performed in the future. Performed $4,050 of the services paid for on June 14. July 15 December 12 Received electric bill for $26,260. Vigeland plans to pay the bill in early January. December 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes). equired: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31. ng transactions ing year 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Adjusting entries will be recorded in Part 2. View transaction list Journal entry worksheet < 1 2 3 4 5 Note: Enter debits before credits. Record the $15,000 purchase of merchandise assuming a perpetual inventory system. Date January 15 ind's fiscal year ends on December 31. General Journal Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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