Exercise 13-17A (Algo) Recording transactions in the general journal and T-accounts LO 13-1, 13-2 The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $44,000 from the issue of common stock. 2. Performed $63,000 of services on account. 3. Incurred $9,500 of other operating expenses on account. 4. Paid $36,000 cash for salaries expense. 5. Collected $42,000 of accounts receivable. 6. Paid a $4,500 dividend to the stockholders. 7. Performed $11,000 of services for cash. 8. Paid $7,000 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T-accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. No Event A 1 Cash Common stock B 2 Accounts receivable Service revenue 0 General Journal Debit Credit 44,000 44,000 63,000 63,000 3 Other operating expense 9,500 Accounts payable 9,500 D 4 Salaries expense Cash 36,000 36,000 E 5 Cash 42,000 Accounts receivable 42,000 LL F 6 Dividends Cash 4,500 4,500 11,000 G 7 Cash 11,000 Service revenue 7,000 H 8 Accounts payable Cash 7,000 Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Post the entries to T-accounts and determine the ending balance in each account. Debit Beginning Balance Ending Balance Cash Credit Accounts Receivable Debit Credit Beginning Balance Ending Balance Accounts Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Dividends Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Salaries Expense Other Operating Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance < Req A Req C and D >