**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 OctoberBelow 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

The T-accounts are prepared by posting transactions to the specific accounts of the business. The…

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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