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Do It! Review 3-03 Metlock, Inc. began operations in July 2020. At the end of...

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Do It! Review 3-03 Metlock, Inc. began operations in July 2020. At the end of the month, the company prepares monthly financial statements. It has the following information for the month 1 At July 31, the company owed employees $1,800 in salaries that the company will pay in August. 2. On July 1, the company borrowed $24,000 from a local bank on a 10-year note. The annual interest rate is 14% 3 Service revenue unrecorded in July totaled $2,400 Prepare the adjusting entries needed at July 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No. Date 1 2 C

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