Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares

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Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares monthly financial statements. The following information relates to August.

1. At August 31, the company owed its employees $800 in salaries and wages that will be paid on September 1.

2. On August 1, the company borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 10%.

3. Revenue for services performed but unrecorded for August totaled $1,100.

Prepare the adjusting entries needed at August 31, 2017.

Related Book For answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1285453828

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Posted Date: Aug 23, 2021 04:28 PM

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Micro Computer Services began operations on August 1, 2017. At the end of August 2017, management prepares

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Intermediate Accounting Reporting and Analysis

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