view policies Current Attempt in Progress Concord Corporation is the new owner of Concord's Computer Services. At the end of July 2017, her first month of ownership, Concord is trying to prepare monthly financial statements. She has the following information for the month. 1. 2. At July 31, Concord owed employees $1,750 in salaries that the company will pay in August. On July 1, Concord borrowed $18,000 from a local bank on a 11-year note. The annual interest rate is 10%. Service revenue unrecorded in July totaled $1,600. 3. Prepare the adjusting entries needed at July 31, 2017. (If no entry is required, select "No Entry" for the account titles and enter 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