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The following events apply to Montgomery Company for Year 1. its first year of operation: 1. Received cash of $46.000 from the issue of common
The following events apply to Montgomery Company for Year 1. its first year of operation: 1. Received cash of $46.000 from the issue of common stock. 2. Performed $65.000 of services on account. 3. Incurred $9.900 of other operating expenses on account. 4. Paid $38.000 cash for salaries expense. 5. Collected $43.000 of accounts receivable. 6. Paid a $4,700 dividend to the stockholders. 7. Performed $11.200 of services for cash. 8. Paid $7.200 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. Req A Req B Reg C and D 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.) View transaction list Journal entry worksheet Received cash of $46,000 from the issue of common stock. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal ReqA ReqB> Complete this question by entering your answers in the tabs below. Reg A Reg B Reg Cand D Post the entries to T-accounts. Cash Accounts Receivable Beg. Bal Beg. Bal End. Bal End. Bal Accounts Payable Common Stock Beg Bal Beg Bai End. Bal End. Bal Dividends Service Revenue Beg. Bal Beg Bal End. Bal End. Bal Salaries Expense Other Operating Expense Beg. Bal Beg. Bal End. Bal End. Bal Reg A Reg B Reg C and D Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1. c Total assets d. Net income
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