Pegasus Computer Services began operations in July 2014. At the end of the month, the company is
Question:
1. At July 31, Pegasus owed employees $1,300 in salaries that the company will pay in August.
2. On July 1, Pegasus borrowed $20,000 from a local bank on a 10-year note. The annual interest rate is 9%.
3. Service revenue unrecorded in July totaled $2,400.
Prepare the adjusting entries needed at July 31, 2014.
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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