Prepare in good form the journal entries for the month of October for Montrose Co....
60.1K
Verified Solution
Link Copied!
Question
Accounting
Prepare in good form the journal entries for the month of October for Montrose Co. (explanations are not required) 10/1 Gina Montrose invested $15,000 to start the business, Montrose Co. 10/2 Paid $2,000 rent for the month of October. 10/3 Purchased and paid for a 12-month insurance policy at a cost of $1,800. 10/5 Purchased $300 of supplies on account from C Co. 10/8 Provided $2,000 of service to A Co. Collected $500 and the balance on account. 10/11 Collected $1,000 cash advance from B Co. for service to be provided in November. 10/12 Hired two employees. They will be paid $1,250 each, every other Friday. First payroll date on 10/26. 10/15 Purchased equipment with a cost of $5,000 from D Co. Paid $2,000 and signed a 6 -month 5% note for the balance. 10/18 Paid $300 owed to C Co. 10/20 Montrose withdrew $500 from the business for personal use. 10/23 Collected $1,500 due from A Co. 10/26 Paid salaries for the two-week pay period \$2,500. 10/30 Received utility bill, $200, due by November 10th
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
