Bailey Corporation, prepares the following adjustments required at the end of the month on July 31: Before these adjustments, Bailey had assets of $70.000. Liabilities of $50,000 and Stockholders' equity of $20,000. Here are the adjustments made: a. Received a $587 utility bill for electricity usage in July to be paid in August. b. Owed wages to 2 employees who worked four days at $92 each per day at the end of July. The company will pay employees at the end of the first week of August. c On July 1, loaned money to an employee who agreed to repay the loan in one year along with $3,600 for one full year of interest. No interest has been recorded yet. After the adjustments stockholders' equity on 7/31 will be $
Bailey Corporation, prepares the following adjustments required at the end of the month on July 31: Before these adjustments, Bailey had assets of $70.000. Liabilities of $50,000 and Stockholders' equity of $20,000. Here are the adjustments made: a. Received a $587 utility bill for electricity usage in July to be paid in August. b. Owed wages to 2 employees who worked four days at $92 each per day at the end of July. The company will pay employees at the end of the first week of August. c On July 1, loaned money to an employee who agreed to repay the loan in one year along with $3,600 for one full year of interest. No interest has been recorded yet. After the adjustments stockholders' equity on 7/31 will be $
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 16PA: Prepare journal entries to record the following transactions for the month of July: A. on first day...
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