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Mary Smith is the new owner of Mary's Computer Services. At the end of July 2025 , her first month of ownership, Mary is trying
Mary Smith is the new owner of Mary's Computer Services. At the end of July 2025 , her first month of ownership, Mary is trying to prepare monthly financial statements. She has the following information for the month. 1. At July 31, Mary owed employees $1,110 in salaries that the compary will pay in August 2. Onjuly 1. Mary borrowed $21,000 from a local bank on a 1-year note. The annual interest rate is 8%. Interest will be paid with the note at maturity. 3. Service revenue unrecorded in July totaled $1,610. Prepare the adjusting entries needed at July 31,2025. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit 2 3
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