Business, 06.04.2021 03:00 tyturbo7

Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. Jan. 15 Purchased and paid for merchandise. The invoice amount was $26,500; assume a perpetual inventory system.
Apr. 1 Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money.
June14 Received a $15,000 customer deposit for services to be performed in the future.
July 15 Performed $3,750 of the services paid for on June 14.
Dec. 12 Received electric bill for $27,860. 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).
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.)

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:00

You decide to invest in a portfolio consisting of 25 percent stock a, 25 percent stock b, and the remainder in stock c. based on the following information, what is the expected return of your portfolio? state of economy probability of state return if state occurs of economy stock a stock b stock c recession .16 - 16.4 % - 2.7 % - 21.6 % normal .55 12.6 % 7.3 % 15.9 % boom .29 26.2 % 14.6 % 30.5 %

Answers: 1

Answer

Business, 22.06.2019 12:50

Kyle and alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters jane and jill, respectively, to attend the university of california. jane is a sophomore and jill is a freshman. kyle and alyssa's agi is $135,000 and they file a joint return. what is their allowable american opportunity tax credit after the credit phase-out based on agi is taken into account?

Answers: 1

Answer

Business, 22.06.2019 21:10

Your family business uses a secret recipe to produce salsa and distributes it through both smaller specialty stores and chain supermarkets. the chain supermarkets have been demanding sizable discounts, but you do not want to drop your prices to the specialty stores. true or false: the robinson-patman act limits your ability to offer discounts to the chain supermarkets while leaving the price high for the smaller stores. true false

Answers: 3

Answer

Business, 22.06.2019 23:00

Investors who put their own money into a startup are known as a. mannequins b. obligators c. angels d. borrowers

Answers: 1

Answer

You know the right answer?

Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on...

Questions