For each of the following transactions for New Idea Corporation, prepare the adjusting journal entries required...

 

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For each of the following transactions for New Idea Corporation, prepare the adjusting journal entries required on July 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Received a $620 utility bill for electricity usage in July to be paid in August. b. Owed wages to 15 employees who worked three days at $120 each per day at the end of July. The company will pay employees at the end of the first week of August. c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $1,320 for one full year of interest. No interest has been recorded yet. For each of the following transactions for New Idea Corporation, prepare the adjusting journal entries required on July 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Received a $620 utility bill for electricity usage in July to be paid in August. b. Owed wages to 15 employees who worked three days at $120 each per day at the end of July. The company will pay employees at the end of the first week of August. c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $1,320 for one full year of interest. No interest has been recorded yet.

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a Adjusting Journal Entry for Utility Bill Debit Utilities Expense Electricity Cre... View the full answer