**Andy Roddick's Adjusting Journal Entries for Sheridan Computer Services as of August 31, 2025****Background Information:**Andy Roddick recently acquired ownership of Sheridan Computer Services. At the end of his first month, August 2025, Roddick is preparing the financial statements and needs to account for various unrecorded expenses incurred during this period. Below are the details of these expenses:1. **Wages Payable:** - As of August 31, Roddick owes his employees $1,748 in wages, which will be paid on September 1.2. **Utility Bill:** - The utility bill for August has not yet been received. Based on past experience, Roddick estimates the bill to be approximately $587.3. **Interest on Mortgage:** - On August 1, Roddick secured a $31,200 loan from a local bank with a 15-year mortgage. The annual interest rate for this loan is 8%.4. **Telephone Expense:** - A telephone bill amounting to $114 for August remains unpaid as of August 31.**Adjusting Journal Entries to be Made:**(Note: Credit account titles will automatically be indented. If no entry is needed, choose "No entry" and input 0 for amounts. List all debits before credits.)| No. | Date | Account Titles and Explanation | Debit | Credit ||-----|----------|-----------------------------------------|--------|--------|| 1 | Aug. 31 | Wages Expense | 1,748 | || | | Wages Payable | | 1,748 || 2 | Aug. 31 | Utilities Expense | 587 | || | | Utilities Payable | | 587 || 3 | Aug. 31 | Interest Expense | Amount needs to be calculated based on the annual interest formula. | || | | Interest Payable | | Amount || 4 | Aug. 31 | Telephone Expense | 114 | || | | Accounts Payable | | 114 |**Interest Calculation for Entry 3:**- Interest Expense Formula: Principal x Rate x Time- Principal: $31,200

Accounting entries made at the conclusion of an accounting period to correctly represent a company's…

Andy Roddick is the new owner of Sheridan Computer trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the bu during August. 1. 2₁ 3. 4. At August 31, Roddick owed his employees $1,748 in wages that will be paid on September 1. At the end of the month, he had not yet received the month's utility bill. Based on past experience, he estimated be approximately $587. On August 1, Roddick borrowed $31,200 from a local bank on a 15-year mortgage. The annual interest rate is A telephone bill in the amount of $114 covering August charges is unpaid at August 31.

Andy Roddick is the new owner of Sheridan Computer trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the bu during August. 1. 2₁ 3. 4. At August 31, Roddick owed his employees $1,748 in wages that will be paid on September 1. At the end of the month, he had not yet received the month's utility bill. Based on past experience, he estimated be approximately $587. On August 1, Roddick borrowed $31,200 from a local bank on a 15-year mortgage. The annual interest rate is A telephone bill in the amount of $114 covering August charges is unpaid at August 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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