Your answer is partially correct. Try again. Swifty Corporation is the new owner of Swifty's Computer Services. At the end of July 2017, her first month of ownership, Swifty is trying to prepare monthly financial statements. She has the following information for the month. 1. 2. 3. At July 31, Swifty owed employees $3,940 in salaries that the company will pay in August. On July 1, Swifty borrowed $24,000 from a local bank on a 10-year note. The annual interest rate is 8%. 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 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 Credit 1. Salaries and Wages Expense 3940 | Salaries and Wages Payable 3940 2. Interest Expense 192 1 Interest Payable 192 3. Accounts Receivable 1600 | Service Revenue 1600