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    sam33's Avatar
    sam33 Posts: 9, Reputation: 1
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    #1

    Feb 25, 2007, 07:19 PM
    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
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Feb 25, 2007, 08:05 PM
    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?
    sam33's Avatar
    sam33 Posts: 9, Reputation: 1
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    #3

    Feb 25, 2007, 08:35 PM
    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
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #4

    Feb 28, 2007, 01:33 AM
    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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