ignment CALCULATOR FULL SCR Question 1 Cheyenne Corp. began operations in July 2

Question

ignment CALCULATOR FULL SCR Question 1 Cheyenne Corp. began operations in July 2019. At the end of the month, the company prepares monthly financial statenents. It has the following information for the month. 1. At July 31, the company owed employees $1,300 in salaries that the company will pay in August. 2. On July 1, the company borrowed $22,000 from a local bank on a 10-year note. The annual interest rate is 15%. 3. Service revenue unrecorded in July totaled $3,2do. Prepare the adjusting entries needed at July 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manualily.) No. Date Account Titles and Explanation 1. Debit Credit 2. 3. Click if you would like to Show Work for this question: Open Show Work SHOW LEST OF ACCOUNTS 200: 2018. John Wiley a&Sons.Ins.All; Rights Reserved. A Division of 1ohn.Woley A Sions. Inc

Explanation / Answer

. Journal Entry Date Account Desription , Title Debit Credit 31/07/2019 Salaries Expense $1,300.00 Salary Payable $1,300.00 To Record Salary Payable Interest Expense $275.00 Interest on Bond Payable $275.00 To Record Interest Expense ( $22000*15%/12) Service Revnue $3,200.00 Account Receivable $3,200.00 To Record Service Revenue

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