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The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 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. Rega Reg B ReqC and D Post the entries to T-accounts and determine the ending balance in each account. Accounts Receivable Beg. Bal Beg Bal Cash End. Bal End. Bal Accounts Payable Common Stock Beg Bal Beg. Bal End. Bal End. Bal Dividends Service Revenue Beg. Bal Beg. Bal End. Bal End. Bali Salaries Expense Other Operating Expense Beg. Bali Beg. Bal End. Bal End. Bal
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