Current Attempt in Progress

Sheridan Computer Services began operations in July $2027.$ At the end of the month, the company prepares monthly financial statements. It has the following information for the month.

At July $31,$ the company owed employees $$1,196$ in salaries that the company will pay in August.

On July $1,$ the company borrowed $$18,400$ from a local bank on a $10-$year note. The annual interest rate is $12\%.$ Interest is paid annually.

Service revenue unrecorded in July totaled $$2,208.$

Prepare the adjusting entries needed at July $31,2027.($Credit account titles are automatically indented when the amount is entered. Do indent manually. List all debit entries before credit entries.$)$

No$.$ Date Account Titles and Explanation

Debit

Credit

July $31$

July $31$

July $31$