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.