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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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 account titles are automatically indented when the amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
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
>
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