The following events apply to Montgomery Company for Year 1, its first year of operation:

1. Received cash of $48,000 from the issue of common stock.
2. Performed $67,000 of services on account.
3. Incurred $10,300 of other operating expenses on account.
4. Paid $40,000 cash for salaries expense.
5. Collected $44,000 of accounts receivable.
6. Paid a $4,900 dividend to the stockholders.
7. Performed $11,400 of services for cash.
8. Paid $7,400 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.

Req A Req B Req C and D Record the preceding transactions in general journal form. (If no entry is required for a transaction/ required" in the first account field.) View transaction list Journal entry worksheet Received cash of $48,000 from the issue of common stock. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Req A Reg B Req C and D Record the preceding transactions in general journal form. (If no entry is required for a transaction/eve required" in the first account field.) View transaction list Journal entry worksheet Performed $67,000 of services on account. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal Cash Accounts Receivable Beg. Bal Beg. Bal 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. Bal Salaries Expense Other Operating Expense Beg. Bal Beg. Bal End. Bal End. Bal Req A Req B Req C and D Determine the amount of total assets at the end of Y C. Total assets d. Net income