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please solve parts a,b, and c. Thanks in advance The following events apply to Montgomery Company for Year 1 , its first year of operation:
please solve parts a,b, and c. Thanks in advance
The following events apply to Montgomery Company for Year 1 , its first year of operation: 1. Received cash of $37,000 from the issue of common stock. 2. Performed $56,000 of services on account. 3. Incurred $8,100 of other operating expenses on account. 4. Paid $29,000 cash for salaries expense. 5. Collected $38,500 of accounts receivable. 6. Paid a $3,800 dividend to the stockholders. 7. Performed $10,300 of services for cash. 8. Paid $6,300 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 . Complete this question by entering your answers in the tabs below. Record the preceding transactions in general journal form. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. ih account. alance in each 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 . 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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