Question
For each of the following transactions for New Idea Corporation, prepare the adjusting journal entries required on July 31.(If no entry is required for a
For each of the following transactions for New Idea Corporation, prepare the adjusting journal entries required on July 31.(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) |
a. | Received a $600 utility bill for electricity usage in July to be paid in August. |
b. | Owed wages to 10 employees who worked three days at $100 each per day at the end of July. The company will pay employees at the end of the first week of August. |
c. | On July 1, loaned money to an employee who agreed to repay the loan in one year along with $1,200 for one full year of interest. No interest has been recorded yet. |
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