Windsor, Inc. began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1. At July 31, the company owed employees $ 1.196 in salaries that the company will pay in August. On July 1. the company borrowed $ 18,400 from a local bank on a 10-year note. The annual interest rate is 12%. Interest is paid annually. 2. 3. Service revenue unrecorded in July totated $2.208. Prepare the adjusting entries needed at July 31, 2022. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Сredit July 31 Salaries and Wages Expense 1196 Salaries and Wages Payable 1196 July 31 Interest Expense Interest Payable July 31 Accounts Receivable 2208 Service Revenue 2208
Windsor, Inc. began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1. At July 31, the company owed employees $ 1.196 in salaries that the company will pay in August. On July 1. the company borrowed $ 18,400 from a local bank on a 10-year note. The annual interest rate is 12%. Interest is paid annually. 2. 3. Service revenue unrecorded in July totated $2.208. Prepare the adjusting entries needed at July 31, 2022. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Сredit July 31 Salaries and Wages Expense 1196 Salaries and Wages Payable 1196 July 31 Interest Expense Interest Payable July 31 Accounts Receivable 2208 Service Revenue 2208
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...
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