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Home > Business & Careers > Accounting   »   adjusting entries

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Old Feb 25, 2007, 06:19 PM
sam33
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adjusting entries
how to adjust these entries
journalize at august 31, 2006


1. Salaries accrued to the end of august were $1,400
2. The august utility bill of $1,500 is unrecorded and unpaid
3. mortgage interest rate is 7% per year. interest has been paid to july 31, 2006

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Old Feb 25, 2007, 07:05 PM   #2  
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1)
Dr. Salaries Expense 1,400
Cr. Salaries Payable 1,400

2)
Dr. Utility Expense 1,500
Cr. Utilities Payable 1,500

3)
More information is required. 7% of what?
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Old Feb 25, 2007, 07:35 PM   #3  
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Quote:
Originally Posted by sam33
how to adjust these entries
journalize at august 31, 2006


1. Salaries accrued to the end of august were $1,400
2. The august utility bill of $1,500 is unrecorded and unpaid
3. mortgage interest rate is 7% per year. interest has been paid to july 31, 2006
it just say the mortgage interest rate is 7% per year, interest has been paid to july 31, 2006
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Old Feb 28, 2007, 12:33 AM   #4  
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There has to be some other information perhaps in an earlier part of the question, or a little summary at the beginning?

You must record 1 month’s worth of interest expense (Aug 1 – Aug 31)
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