Exercise (2):
javier computer services began operations in july 2017. at the end of the month, the company prepares monthly financial statements. it has the following information for the month.
1. at july 31, the company owed employees $1,300 in salaries that the company will pay in august.
2. on july 1, the company borrowed $20,000 from a local bank on a 10-year note. the annual interest rate is 12%.
3. service revenue unrecorded in july totaled $2,400.
required:
prepare the adjusting entries needed at july 31, 2017.

                    Amount in $  

                                              Dr.          Cr.

Salaries Expense  1,300  

Salaries Payable       1,300

Salaries to be paid in august    

Bank             20,000  

Long term loan       20,000

Loan received from bank on a 10 year note    

Interest Expense  200  

Interest payable      200

Expense on loan for 10 years ( 20,000 *.12*1/12)    

Revenue           2,400  

Receivable             2,400

Unrecorded revenue    

Explanation:

1. Salaries are payable in august so a payable will be recorded for the amount. and  an expense will be booked for the month.

2. Since this loan is for a period of more than 12 months so it will be treated as long term and interest on it will be calculated as mentioned above.

3. Unrecorded revenue will be recorded at mentioned above.

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