Question

Financial Accounting Tools for Business Decision Making. Ninth Edition WileyPLUS Custom Course for the University of Akron Help System Announcements CALCULATOR PRINTER VERSION Do It! Review 4-03 Barbara Jones is the new owner of Barbara's Computer Services. At the end of July 2022, her first month of ownership, Barbara is trying to prepare monthly financial statements. She has the following information for the month 1 At July 31. Barbara owed employees $1,750 in salaries that the company will pay in August 2. On July 1, Barbara borrowed $18,000 from a local bank on a 11-year note. The annual interest rate is 10% 3. Service revenue unrecorded in July totaled $1,600. Prepare the adjusting entries needed at July 31, 2022. (If no entry is required, select "No Entry for the account titles and enter automatically indented when the amount is entered. Do not indent manually.) for the amounts, Credit account titles are No. Account Titles and Explanation Debit Credit Click if you would like to show Work for this questioni One Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts of 3 used SAVE FOR LATER

Answer 1

Solution:

Journal Entries
Event	Particulars	Debit	Credit
1	Salaries expense Dr	$1,750.00
	To Salraies payable		$1,750.00
	(To record salaries expense)
2	Interest expense Dr	$150.00
	To Interest Payable		$150.00
	(To record interest expense)
3	Accounts receivables Dr	$1,600.00
	To Service revenue		$1,600.00
	(To record service revenue)