a Received a $600 utility bill for electricity usage in July to be paid in Augus

Question

a Received a $600 utility bill for electricity usage in July to be paid in August b. Owed wages to 10 employees who worked three days at $100 each per day at the end of July. The company will pay employe 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 $1,200 for one full year of intere interest has been recorded yet Answer is complete but not entirely correct. No Tran General Journal Debit Credit Accounts Payable 600 Utilities Expense 600 b Salaries and Wages Payable 3 3,000 Salaries and Wages Expense 3,000 Interest Receivable 100 Interest Revenue 100 KPrex 2 of 23 Next>

Explanation / Answer

No.

Transaction

General Journalt

Debit

Credit

1

a

Utilities expense

$ 600.00

Accounts payable

$ 600.00

2

b

Salaries and wages expense

$ 3,000.00

Salaries and wages payable

$ 3,000.00

3

c

Interest receivable

$ 100.00

Interest revenue

$ 100.00

No.

Transaction

General Journalt

Debit

Credit

1

a

Utilities expense

$ 600.00

Accounts payable

$ 600.00

2

b

Salaries and wages expense

$ 3,000.00

Salaries and wages payable

$ 3,000.00

3

c

Interest receivable

$ 100.00

Interest revenue

$ 100.00

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