Debra king is the new owner of debras computer services at the end of july 2022, her first month of ownership, debra is trying to prepare monthly financial statements she has the following information for the month

1. At july 31, debra owed employees $1,850 in salaries that the company will pay in august.

2. On july 1, debra borrowed $21,000 from a local bank on a 12 year note the annual interest rate is 8%.

3. Service revenue unrecorded in july totaled $1,600.

Prepare the adjusting entries needed at July 31, 2022 .

 

No. Account Titles and Explanation Debit Credit 1. 3. 2.