Question: Please solve this problem Cheyenne Corp. is the new owner of Cheyenne's Computer Services. At the end of July 2017, her first month of ownership,

Please solve this problem

Please solve this problem Cheyenne Corp. is the new owner of Cheyenne's

Cheyenne Corp. is the new owner of Cheyenne's Computer Services. At the end of July 2017, her first month of ownership, Cheyenne is trying to prepare monthly financial statements. She has the following information for the month. At July 31, Cheyenne owed employees $1,110 in salaries that the company will pay in August. On July 1, Cheyenne borrowed $21,000 from a local bank on a 10-year note. The annual interest rate is 8%. Service revenue unrecorded in July totaled $1,600. Prepare the adjusting entries needed at July 31, 2017. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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