The Following Transactions Occurred in August,2012 for Applegate Consulting $August 1,2012 \quad$

question 64

Essay

The following transactions occurred in August,2012 for Applegate Consulting:
$August 1,2012 \quad$ Applegate loaned $\$ 2,000$ to an employee with a $9 \%$ interest rate. The loan stipulates that principal and interest be paid back on August 1, 2013 .
$August 31,2012\quad$ Applegate Consulting performed $\$ 3,200$ worth of services for Midatlantic Corp.
The billing department at Applegate Consulting was unable to bill Midatlantic on August 31, 2012
because the company's computers were malfunctioning and awaiting service. What adjusting entries should Applegate Consulting make on August 31,2012?

---

Definitions:

Selling Price

The amount of money for which a product or service is sold to the customer, often after considering costs and desired profit margins.

Global Marketplace

Refers to the international trading environment where goods and services are bought and sold across national borders.

Infrastructure

The fundamental physical and organizational structures and facilities (e.g., buildings, roads, power supplies) needed for the operation of a society or enterprise.

Marketers

Professionals involved in the activities, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.