Exercise 3-5A (Static) Debit/credit terminology LO 3-1 Required For each of the following independent events, identify the account that would be debited and the account that would be creditec The accounts for the first event are identified as an example. Exercise 3-7A (Static) Identifying increases and decreases in T-accounts LO 3-1 Required For each of the following T-accounts, indicate the side of the account that should be used to record an increase or decrease in the account balance. Exercise 3-17A (Algo) Recording transactions in the general journal and T-accounts LO 3-1, 3-2 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. c. \& d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. Complete this question by entering your answers in the tabs below. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Complete this question by entering your answers in the tabs below. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet C D E F G H > Received cash of $44,000 from the issue of common stock. Note: Enter debits before credits. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry equired" in the first account field.) Journal entry worksheet Ivote: tnter aedits derore creaics. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry equired" in the first account field.) Journal entry worksheet EFGH> Incurred $9,500 of other operating expenses on account. Note: Enter debits before credits. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry equired" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry equired" in the first account field.) Journal entry worksheet
