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The ledger of Monty Corp. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit Investment in
The ledger of Monty Corp. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit Investment in Note Receivable $16,000 Supplies 22,500 Prepaid Rent 6,000 Buildings 240,000 Accumulated Depreciation-Buildings $130,000 Unearned Service Revenue 10,800 An analysis of the company's accounts shows the following 1 The investment in the notes receivable earns interest at a rate of 12% per year. 2 Supplies on hand at the end of the month totaled $15,000. 3. 4. 5 Depreciation on buildings is $4,200 per year. 6 The balance in Prepaid Rent represents 4 months of rent costs. Employees were owed $3.500 related to unpaid salaries and wages. During the month, the company satisfied obligations worth $4,700 related to the Unearned Services Revenue
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