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

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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