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The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Recelved cash of $43,000 from the Issue of common

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The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Recelved cash of $43,000 from the Issue of common stock. 2. Performed $62,000 of services on account. 3. Incurred $9,300 of other operating expenses on account. 4. Pald $35,000 cash for salarles expense. 5. Collected $41,500 of accounts recelvable. 6. Pald a $4,400 dividend to the stockholders. 7. Performed $10,900 of services for cash. 8. Paid $6,900 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 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 E F G H Received cash of $43,000 from the issue of common stock. Notes Enter, debiats before oredits A Received cash of $43,000 from the issue of common stock. B Performed $62,000 of services on account. c Incurred $9,300 of other operating expenses on account. Paid $35,000 cash for salaries expense. Collected $41,500 of accounts receivable. Paid a 94,400 dividend to the stockholders. Performed 510,900 of services for cash. stock. B Performed $62,000 of services on account. c Incurred $9,300 of other operating expenses on account. D Paid $35,000 cash for salaries expense. E Collected $41,500 of accounts receivable. P. Paid a $4,400 dividend to the stockholders. 6 Performed 510,900 of services for cash. H Paid 56,900 of the accounts payable. Note : = journal entry has been entered Post the entries to T-accounts and determine the ending balance in each account. Determine the amount of total assets at the end of Year 1 , and the amount of net income for Year 1

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