Splish Brothers Inc. began operations in July 2019. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. At July 31, the company owed employees $1,600 in salaries that the company will pay in August. On July 1, the company borrowed $26,000 from a local bank on a 10-year note. The annual interest rate is 15%. 1. 2. 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.) No. Date Account Titles and Explanation Debit Credit 1. 2. July 31 3. Accounts Receivable 2600 Service Revenue 2600
Splish Brothers Inc. began operations in July 2019. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. At July 31, the company owed employees $1,600 in salaries that the company will pay in August. On July 1, the company borrowed $26,000 from a local bank on a 10-year note. The annual interest rate is 15%. 1. 2. 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.) No. Date Account Titles and Explanation Debit Credit 1. 2. July 31 3. Accounts Receivable 2600 Service Revenue 2600
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 7EA: Homeland Plus specializes in home goods and accessories. In order for the company to expand its...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning