This information relates to Monty Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $31,080. Buys office furniture for $3,700, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,090 (not paid by Roads at this time). Receives cash of $220 as commission for acting as rental agent renting an apartment. Pays $630 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,590 in salary for October.
This information relates to Monty Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $31,080. Buys office furniture for $3,700, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,090 (not paid by Roads at this time). Receives cash of $220 as commission for acting as rental agent renting an apartment. Pays $630 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,590 in salary for October.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...
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Question
![**Title: Understanding T-Accounts and Month-End Balances**
**Objective:**
Learn how to post transactions to T-accounts and determine month-end balances.
---
**Instructions:**
Post the transactions to T-accounts and determine month-end balances. (Post entries in the order of information presented in the question.)
---
**T-Accounts:**
1. **Cash**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- [Dropdown for transaction selection]
- [Input field for amount]
2. **Accounts Receivable**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
3. **Equipment**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
4. **Accounts Payable**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
5. **Common Stock**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
6. **Service Revenue**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
7. **Salaries and Wages Expense**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
---
**Explanation:**
This table represents an interactive worksheet used to understand and analyze T-accounts for various financial accounts by filling out corresponding debit and credit transactions.
- Each row represents a financial account: Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Service](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d1f03dc-16fb-4834-9136-6d6472c9ed62%2F86d70346-3cfc-438c-9ef5-5cbc93ea06fb%2Fgg6f2ix_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Title: Understanding T-Accounts and Month-End Balances**
**Objective:**
Learn how to post transactions to T-accounts and determine month-end balances.
---
**Instructions:**
Post the transactions to T-accounts and determine month-end balances. (Post entries in the order of information presented in the question.)
---
**T-Accounts:**
1. **Cash**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- [Dropdown for transaction selection]
- [Input field for amount]
2. **Accounts Receivable**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
3. **Equipment**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
4. **Accounts Payable**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
5. **Common Stock**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
6. **Service Revenue**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
7. **Salaries and Wages Expense**
- Debit side:
- [Dropdown for transaction selection]
- [Input field for amount]
- Credit side:
- [Dropdown for transaction selection]
- [Input field for amount]
---
**Explanation:**
This table represents an interactive worksheet used to understand and analyze T-accounts for various financial accounts by filling out corresponding debit and credit transactions.
- Each row represents a financial account: Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Service
![### Monty Real Estate Agency - Transactions and Journal Entries for October
Below are the recorded financial transactions for Monty Real Estate Agency during the month of October, along with their respective journal entries.
#### October Transactions:
1. **Oct. 1**
- Stockholders invest $30,000 in exchange for common stock of the corporation.
2. **Oct. 2**
- Hired an administrative assistant at an annual salary of $31,080.
3. **Oct. 3**
- Purchased office furniture for $3,700 on account.
4. **Oct. 6**
- Sold a house and lot for E.C. Roads; commissions due from Roads, $10,090 (not paid by Roads at this time).
5. **Oct. 10**
- Received $220 as a commission for acting as rental agent renting an apartment.
6. **Oct. 27**
- Paid $630 on account for the office furniture purchased on October 3.
7. **Oct. 30**
- Paid the administrative assistant $2,590 in salary for October.
#### Journal Entries:
| Date | Account Titles and Explanation | Debit | Credit |
|-----------|-----------------------------------------|---------|---------|
| Oct. 1 | **Cash** | 30,000 | |
| | **Common Stock** | | 30,000 |
| Oct. 2 | No entry | | |
| Oct. 3 | **Equipment** | 3,700 | |
| | **Accounts Payable** | | 3,700 |
| Oct. 6 | **Accounts Receivable** | 10,090 | |
| | **Service Revenue** | | 10,090 |
| Oct. 10 | **Cash** | 220 | |
| | **Service Revenue** | | 220 |
| Oct. 27 | **Accounts Payable** | 630 | |
| | **Cash** | | 630 |
| Oct. 30 | **Salaries and Wages Expense** | 2,590 | |
| | **Cash** | | 2,590 |
### Explanation of Entries](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d1f03dc-16fb-4834-9136-6d6472c9ed62%2F86d70346-3cfc-438c-9ef5-5cbc93ea06fb%2Fsqgkwen_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Monty Real Estate Agency - Transactions and Journal Entries for October
Below are the recorded financial transactions for Monty Real Estate Agency during the month of October, along with their respective journal entries.
#### October Transactions:
1. **Oct. 1**
- Stockholders invest $30,000 in exchange for common stock of the corporation.
2. **Oct. 2**
- Hired an administrative assistant at an annual salary of $31,080.
3. **Oct. 3**
- Purchased office furniture for $3,700 on account.
4. **Oct. 6**
- Sold a house and lot for E.C. Roads; commissions due from Roads, $10,090 (not paid by Roads at this time).
5. **Oct. 10**
- Received $220 as a commission for acting as rental agent renting an apartment.
6. **Oct. 27**
- Paid $630 on account for the office furniture purchased on October 3.
7. **Oct. 30**
- Paid the administrative assistant $2,590 in salary for October.
#### Journal Entries:
| Date | Account Titles and Explanation | Debit | Credit |
|-----------|-----------------------------------------|---------|---------|
| Oct. 1 | **Cash** | 30,000 | |
| | **Common Stock** | | 30,000 |
| Oct. 2 | No entry | | |
| Oct. 3 | **Equipment** | 3,700 | |
| | **Accounts Payable** | | 3,700 |
| Oct. 6 | **Accounts Receivable** | 10,090 | |
| | **Service Revenue** | | 10,090 |
| Oct. 10 | **Cash** | 220 | |
| | **Service Revenue** | | 220 |
| Oct. 27 | **Accounts Payable** | 630 | |
| | **Cash** | | 630 |
| Oct. 30 | **Salaries and Wages Expense** | 2,590 | |
| | **Cash** | | 2,590 |
### Explanation of Entries
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Follow-up Question
![Prepare a trial balance at October 31, 2025.
MONTY REAL ESTATE AGENCY
Trial Balance
A
$
Debit
$
$
Credit](https://content.bartleby.com/qna-images/question/0d1f03dc-16fb-4834-9136-6d6472c9ed62/ebca5148-5823-453c-8a9f-81789b2f1f99/vjn1fgr_thumbnail.png)
Transcribed Image Text:Prepare a trial balance at October 31, 2025.
MONTY REAL ESTATE AGENCY
Trial Balance
A
$
Debit
$
$
Credit
Solution
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