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DO IT! 3 Adjusting Entries for Accruals Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares monthly financial statements. The following information relates to August. 1. At August 31, the company owed its employees $800 in salaries and wages that will be paid on September 1. 2. On August 1, the company borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 10%. 3. Revenue for services performed but unrecorded for August totaled $1,100. Prepare the adjusting entries needed at August 31, 2017. Solution 1. Salaries and Wages Expense 800 Action Plan Salaries and Wages Payable 800 Make adjusting entries (To record accrued salaries) at the end of the period to recognize 2. Interest Expense 250 revenues for services Interest Payable 250 performed and for (To record accrued interest: expenses incurred. $30,000 x 10% X = $250) Don't forget to make 3. Accounts Receivable 1,100 adjusting entries for Service Revenue 1,100 accruals. Adjusting entries for accruals (To record revenue for services performed) will increase both a balance sheet and an Related exercise material: BE3-7, E3-5, E3-6, E3-7, E3-8, E3-9, and Dom 3-3. income statement account