Javier Computer Services began operations in July 2022. At the end of the month, the company prepares
Question:
Javier Computer Services began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month.
1. At July 31, the company owed employees $1,300 in salaries that the company will pay in August.
2. On July 1, the company borrowed $20,000 from a local bank on a 10-year note. The annual interest rate is 12%. Interest is paid annually.
3. Service revenue unrecorded in July totaled $2,400.
Prepare the adjusting entries needed at July 31, 2022.
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1 Salaries and Wages Expense 1300 Salaries and Wages Payable 1300 To re...View the full answer
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Related Book For 
Financial Accounting
ISBN: 9781119594598
11th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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