FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**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
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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
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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
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Transcribed Image Text:Prepare a trial balance at October 31, 2025. MONTY REAL ESTATE AGENCY Trial Balance A $ Debit $ $ Credit
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Prepare a trial balance at October 31, 2025.
MONTY REAL ESTATE AGENCY
Trial Balance
A
$
Debit
$
$
Credit
expand button
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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