DO IT! 1. 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. At August 31, the company owed its employees W8,000 in salaries and wages that will be paid on September 1. 2. On August 1, the company borrowed 300,000 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 \11,000 Prepare the adjusting entries needed at August 31, 2017. LO 6 3-53 Preparing the Adjusted Trail Balance Question Which of the following statements is incorrect concerning the adjusted trial balance? a. (a) An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are made b. The adjusted trial balance provides the primary basis for the preparation of financial statements. c. The adjusted trial balance lists the account balances segregated by assets and liabilities. d. The adjusted trial balance is prepared after the adjusting entries have been journalized and posted. LO 7 3-50