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The following events apply to Montgomery Company for 2016, its first year of operation: 1. Received cash of $49,000 from the issue of common stock.
The following events apply to Montgomery Company for 2016, its first year of operation: |
1. | Received cash of $49,000 from the issue of common stock. |
2. | Performed $68,000 of services on account. |
3. | Incurred $10,500 of other operating expenses on account. |
4. | Paid $41,000 cash for salaries expense. |
5. | Collected $44,500 of accounts receivable. |
6. | Paid a $5,000 dividend to the stockholders. |
7. | Performed $11,500 of services for cash. |
8. | Paid $7,500 of the accounts payable. |
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