Record the receipt of a utility bill for electricity usage

Assignment Help Financial Accounting

Reference no: EM131810259

For 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.)

a. Received a $640 utility bill for electricity usage in July to be paid in August.

b. Owed wages to 15 employees who worked three days at $140 each per day at the end of July. The company will pay employees at the end of the first week of August.

c. On July 1. loaned money to an employee who agreed to repay the loan in one year along with $1, 440 for one full year of interest.No interest has been recorded yet.

Journal Entry Worksheet

1. Record the receipt of a $640 utility bill for electricity usage in July to be paid in August.

2. Record the wages owed to 15 employees who worked three days at $140 each per day at the end of July.The company will pay employees at the end of the first week of August.

2. Record the loaned money on July 1, to an employee who agreed to repay the loan in one year along with $1,440 for one full year of interest. (No interest has been recorded yet.) Enter debits before credits

Reference no: EM131810259

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