Metlock, Inc. began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1. 2. 3. Prepare the adjusting entries needed at July 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. 1. 2. At July 31, the company owed employees $1,248 in salaries that the company will pay in August. On July 1, the company borrowed $19,200 from a local bank on a 10-year note. The annual interest rate is 12%. Interest is paid annually. Service revenue unrecorded in July totaled $2,304. 3. Date July 31 Account Titles and Explanation I Debit Credit

Metlock, Inc began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1. At July 31 , the company owed employees $1,248 in salaries that the company will pay in August. 2. On July 1 , the company borrowed $19.200 from a local bank on a 10 -year note. The annual interest rate is 12%. Interest is paid annually. 3. Service revenue unrecorded in July totaled $2,304. Prepare the adjusting entries needed at July 31, 2022. (Credit account titles are automotically indented when the omount is entered. Do not indent manually)