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Monty Corp. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown
Monty Corp. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown as follows. Adjusted Cr. Dr. $8,800 11,400 600 1.250 18,000 $ 650 9,300 2,550 Monty Corp. Trial Balance September 30, 2020 Unadjusted Dr. Cr. Cash $8,800 Accounts Receivable 10,300 Supplies 1,450 Prepaid Rent 2,150 Equipment 18,000 Accumulated Depreciation-Equipment $ 0 Notes Payable 9.300 Accounts Payable 2.550 Salaries and Wages Payable 0 Interest Payable 0 Unearned Rent Revenue 1,900 Common Stock 22.000 Dividends 1,650 Service Revenue 16,890 Rent Revenue 1.380 Salaries and Wages Expense 8.200 Rent Expense 1,950 Depreciation Expense Supplies Expense Utilities Expense 1,520 Interest Expense 730 93 1,100 22,000 1,650 17,990 2,180 8,930 2,850 650 850 1,520 93 $ 54,020 $ 54,020 $ 56,593 $ 56,593 Monty Corp. Balance Sheet Assets $ Liabilities and Stockholders' Equity $ $ $ If the note bears interest at 12%, how many months has it been outstanding? Note has been outstanding for month(s)
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