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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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<h3>What is international trade?</h3>

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2 years ago
Harry, a wheat farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the
GarryVolchara [31]

harry should add $20 per pound

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8 0
1 year ago
Ben White is the manager of a retail store. His work typically includes the routine, day-to-day interactions with customers and,
lubasha [3.4K]

Answer:

c

Explanation:

because he has to do a little of eveything

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3 years ago
g A company issues a ten-year bond at par with a coupon rate of 6.5% paid semi-annually. The YTM at the beginning of the third y
Lorico [155]

Answer:

$880.31

Explanation:

Here for computing the new price of the bond we use the present value formula i.e. to be shown in the attachment

Given that,  

Assuming Future value = $1,000

Rate of interest = 8.6%  ÷ 2 = 4.3%

NPER = 8 years  × 2 = 16

PMT = $1,000 × 6.5% ÷  2 = $32.50

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after applying the above formula, the new price of the bond is $880.31

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3 years ago
AP Kelly Jones and Tami Crawford borrowed $15,000 on a 7-month, 8% note from Gem State Bank to open their business, JC's Coffee
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Answer:JC Coffee house journal$

Date

a. June 1 2022

Bank Dr. 15,000

Gem state bank Cr. 15,000

Narration. Acquisitions of $15,000, 8%, 7c months loan.

b. June 30, 2022

Interest Dr 1200

Gem bank Cr. 1200

Interest on loan for the month of June

C. Interest as at December 31 2022

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=$8400

Jan 1 2023

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Narration. Payment of $15,000, at 8% , 7 months and associated interest on maturity.

3 0
3 years ago
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