or each of the following transactions for New Idea Corporation, prepare the adjusting journal entries required...
or each of the following transactions for New Idea Corporation, prepare the adjusting journal entries required on July 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
- Received a $720 utility bill for electricity usage in July to be paid in August.
- Owed wages to 15 employees who worked three days at $220 each per day at the end of July. The company will pay employees at the end of the first week of August.
- On July 1, loaned money to an employee who agreed to repay the loan in one year along with $1,920 for one full year of interest. No interest has been recorded yet.
Homework Answers
| a) | Utilities Expense | 720 | |
| Utilities Payable | 720 | ||
| (To record utilities expense incurred) | |||
| b) | Wages Expense ( 15 x 220 x 3) | 9900 | |
| Wages Payable | 9900 | ||
| (To record wages expense accrued) | |||
| c) | Interest Receivable ( 1920 *1/12) | 160 | |
| Interest Revenue | 160 | ||
| (To record Interest earned for the month) |
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