Bailey Corporation, prepares the following adjustments required at the end of the month on July 31:...

Bailey Corporation, prepares the following adjustments required at the end of the month on July 31: Before these adjustments, Bailey had assets of $70,000, Liabilities of $50,000 and Stockholders’ equity of $20,000. Here are the adjustments made: a. Sent a $680 bill to a customer for services for services provided. The customer will paid in August. b. Owed wages to 2 employees who worked five days at $113 each per day at the end of July. The company will pay employees at 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 $3,240 for one full year of interest. No interest has been recorded yet. After the adjustments, assets on 7/31 will be $________

Expert Solution

Answer) Assets on 7/31 = 70950

Explanation:

ekkarill92 answered 2 years ago

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