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*Micro Computer Services began operations on August 1, 2019. At the end of August 2019, management prepares monthly financial statements. The following information relates to
*Micro Computer Services began operations on August 1, 2019. At the end of August 2019, management prepares monthly financial statements. The following information relates to August.
1.At August 31, the company owed its employees RM800 in salaries and wages that will be paid on September 1.
2.On August 1, the company borrowed RM30,000 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 RM1,100.
Prepare the adjusting entries needed at August 31, 2019.
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