Concord Corporation began operations in July 2022. At the end of the month, the company prepares...

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Concord Corporation 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 $1,118 in salaries that the company will pay in August. 2. On July 1, the company borrowed $17,200 from a local bank on a 10-year note. The annual interest rate is 12%. Interest is paid annually. 3. Service revenue unrecorded in July totaled $2,064. 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 July 31 Salaries and Wages Expense Salaries and Wages Payable Debit 1,118 Credit 1,118 SUPPORT Concord Corporation 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 $1,118 in salaries that the company will pay in August. 2. On July 1, the company borrowed $17,200 from a local bank on a 10-year note. The annual interest rate is 12%. Interest is paid annually. 3. Service revenue unrecorded in July totaled $2,064. 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 July 31 Salaries and Wages Expense Salaries and Wages Payable Debit 1,118 Credit 1,118 SUPPORT

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