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Version:0.9 StartHTML:0000000105 EndHTML:0000002228 StartFragment:0000000141 EndFragment:0000002188 William Bryant is the new owner of Ace Computer Services....

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Accounting

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William Bryant is the new owner of Ace Computer Services. At the end of August 2022, his first

month of ownership, Bryant is trying to prepare monthly financial statements. Below is

information related to unrecorded expenses that the business incurred during August.

1. At August 31, Bryant owed his employees $2,900 in salaries and wages that will be paid

on September 1.

2. At the end of the month, he had not yet received the months utility bill. Based on past

experience, he estimated the bill would be approximately $600.

3. On August 1, Bryant borrowed $60,000 from a local bank on a 15-year mortgage. The

annual interest rate is 8%.

4. A telephone bill in the amount of $117 covering August charges is unpaid at August 31

(use Telephone and Internet Expense account).

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Required:

Prepare the adjusting journal entries as of August 31, 2022, suggested by the information provided.

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