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i need help with this extended accounting question The following events apply to Montgomery Company for Year 1 , its first year of operation: 1.
i need help with this extended accounting question
The following events apply to Montgomery Company for Year 1 , its first year of operation: 1. Received cash of $31,000 from the issue of common stock. 2. Performed $50,000 of services on account. 3. Incurred $6,900 of other operating expenses on account. 4. Paid $23,000 cash for salaries expense. 5. Collected $35,500 of accounts receivable. 6. Paid a $3,200 dividend to the stockholders. 7. Performed $9,700 of services for cash. 8. Paid $5,700 of the accounts payable. Complete this question by entering your answers in the tabs below. Post the entries to T-accounts and determine the ending balance in each account. \& ReqA Req C and D ? Complete this question by entering your answers in the tabs below. Determine the amount of total assets at the end of Year 1 , and the amount of net income for Year 1 Step by Step Solution
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