Assume the following transactions occurred during the year

Reference no: EM13567025

Assume the following transactions occurred during the year. The annual accounting period ends on December 31. Jan. 15 Purchased and paid for merchandise for resale at an invoice cost of $15,600. A periodic inventory system is used. Apr. 1 Borrowed $800,000 from a bank for general use, executing a one-year, 5% note payable June 14 Received a $12,000 customer deposit for services to be performed in the future. July 15 Performed $4,250 of the services paid for on June 14. Dec. 15 Received an electric bill for $25,680. The bill will be paid in early January. Dec. 31 Determined wages owed to employees to be $13,500 that will be paid on January 2. Required: 1. Prepare journal entries for each of the transactions listed .2. Prepare any required adjusting entries on December 31.

Reference no: EM13567025

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