Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oriole Company is the new owner of Orioles Computer Services. At the end of July 2017, her first month of ownership, Oriole is trying to
Oriole Company is the new owner of Orioles Computer Services. At the end of July 2017, her first month of ownership, Oriole is trying to prepare monthly financial statements. She has the following information for the month.
1. | At July 31, Oriole owed employees $1,940 in salaries that the company will pay in August. | |
2. | On July 1, Oriole borrowed $21,000 from a local bank on a 12-year note. The annual interest rate is 8%. | |
3. | Service revenue unrecorded in July totaled $1,600. |
Prepare the adjusting entries needed at July 31, 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
1. | |||
2. | |||
3. | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started