Do It! Review 4-3

Metlock, Inc. is the new owner of Metlocks Computer Services. At the end of July 2017, her first month of ownership, Metlock is trying to prepare monthly financial statements. She has the following information for the month.

1.		At July 31, Metlock owed employees $3,300 in salaries that the company will pay in August.
2.		On July 1, Metlock borrowed $19,200 from a local bank on a 11-year note. The annual interest rate is 10%.
3.		Service revenue unrecorded in July totaled $1,600.

Prepare the adjusting entries needed at July 31, 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically in hen the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2 3. Click if you would like to Show Work for this question: Open Show Work