All Baba Tours began operations on July 1, 2022. At the end of July 2022, management prepares monthly financial statements. The following information relates to July: 1. On July 31, the company received its Etisalat bill for $1,100 which it paid immediately. 2. On July 1, the company borrowed $480,000 from a local bank on a 15-year mortgage. The annual interest rate is 1096. 3. Collected $9000 cash for services to be performed in August. Prepare the journal entries needed on July 31, 2022.