Dement is the new owner of Fung Computer Services. At the end of August 2014, his first
Question:
1. At August 31, Dement owed his employees $2,280 in wages that will be paid on September 1.
2. At the end of the month he had not yet received the month’s utility bill. Based on past experience, he estimated the bill would be approximately $720.
3. On August 1, Dement borrowed $36,000 from a local bank on a 15-year mortgage. The annual interest rate is 6%.
4. A telephone bill in the amount of $140 covering August charges is unpaid at August 31.
Instructions
Prepare the adjusting journal entries as of August 31, 2014, suggested by the information above.
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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