Below is some information related to unrecorded expenses that the business incurred durning August.
1) At August 31, owner owed his employees $1900 in wages that will be paid on Sept 1.
2) At the end of the month, owner had not yet received the month's utility bill. Based on past experience, he estimated the bill would be approximately $600.
3) On August 1, owner borrowed $30,000 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.
Prepare the adjusting journal entries as of August 31,