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Zolol [24]
3 years ago
7

Pharoah Company began operations in July 2020. At the end of the month, the company prepares monthly financial statements. It ha

s the following information for the month. 1.At July 31, the company owed employees $1,100 in salaries that the company will pay in August. 2.On July 1, the company borrowed $20,000 from a local bank on a 10-year note. The annual interest rate is 12%. 3.Service revenue unrecorded in July totaled $3,000. Prepare the adjusting entries needed at July 31, 2020.
Business
1 answer:
abruzzese [7]3 years ago
3 0

Answer:

1.At July 31, the company owed employees $1,100 in salaries that the company will pay in August.

July, 31

DR Salaries Expense.................................................$1,100

CR Salaries Payable.................................................................$1,100

<em>(To record accrued salaries expense)</em>

2.On July 1, the company borrowed $20,000 from a local bank on a 10-year note. The annual interest rate is 12%.

July entry would be;

July 31,

DR Interest Expense ................................................$200

CR Interest Payable ............................................................$200

<em>(To record interest accrued for the month)</em>

<u>Working</u>

= 20,000 * 12%/12 months

=  $200

3. Service revenue unrecorded in July totaled $3,000.

July 31,

DR Accounts Receivable .......................................$3,000

CR Service Revenue ...............................................................$3,000

<em>( To record unrecorded Service revenue.)</em>

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