Jean Karns is the new owner of Jeans Computer Services. At the end of July 2022, her

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Jean Karns is the new owner of Jean’s Computer Services. At the end of July 2022, her first month of ownership, Jean is trying to prepare monthly financial statements. She has the following information for the month.

1. At July 31, Jean owed employees $1,100 in salaries that the company will pay in August.

2. On July 1, Jean borrowed $20,000 from a local bank on a 10-year note. The annual interest rate is 9%.

3. Service revenue unrecorded in July totaled $1,600.

Prepare the adjusting entries needed at July 31, 2022.

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Financial Accounting Tools for Business Decision Making

ISBN: 978-1119493631

9th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jul 12, 2019 11:50 AM

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Jean Karns is the new owner of Jeans Computer Services. At the end of July 2022, her

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1 Salaries and Wages Expense 1100 Salaries and Wages Payable 1100 To re...View the full answer

Financial Accounting Tools for Business Decision Making

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