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3 years ago

7

Sunland Company began operations in July 2019. 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 $1,800 in salaries that the company will pay in August. 2. On July 1, the company borrowed $32,000 from a local bank on a 10-year note. The annual interest rate is 12%. 3. Service revenue unrecorded in July totaled $2,600. Prepare the adjusting entries needed at July 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

1 answer:

DIA [1.3K]3 years ago

5 0

Answer:

July 31, 2019

Dr Salaries and Wages Expense $1,800

Cr Salaries and Wages Payable $1,800

Dr Interest Expense 320

Cr Interested Payable 320

Dr Accounts Receivable $2,600

Cr Service Revenue $2,600

Explanation:

Preparation of the adjusting entries needed at July 31, 2019

July 31, 2019

Dr Salaries and Wages Expense $1,800

Cr Salaries and Wages Payable $1,800

Dr Interest Expense 320

Cr Interested Payable 320

[$32,000*12%-($32,000*12%*11/12)]

Dr Accounts Receivable $2,600

Cr Service Revenue $2,600

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