No journal entry required

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Reference no: EM13864610

For each of the following transaction for New Idea Corporation, prepare the adjusting journal entries required on July 21. (if no entry required Write "no journal entry required".

A) Received a $790 utility bill for electricity usage in July to be paid in August

B) Owed wages to 10 employees who worked 3 days at $160 each per day at the end of July? The Company will pay employees at the end of the first week if August.

C) On July 1, Loaned money to an employee who agree to repay the loan in one year along with $2340 for one full year of interest. No interest has been recorded yet

Reference no: EM13864610

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