Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this question is really long and i need help!! ive attached everything from the question, thank you!! Exercise 13-17A (Algo) Recording transactions in the general

this question is really long and i need help!! ive attached everything from the question, thank you!!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Exercise 13-17A (Algo) Recording transactions in the general journal and T-accounts LO 13-1, 13-2 The following events apply to Montgomery Company for Year 1 , its first year of operation: 1. Received cash of $38,000 from the issue of common stock. 2. Performed $57,000 of services on account. 3. Incurred $8,300 of other operating expenses on account. 4. Paid $30,000 cash for salaries expense 5. Collected $39,000 of accounts receivable 6. Paid a $3,900 dividend to the stockholders 7. Performed $10,400 of services for cash 8. Paid $6,400 of the accounts payable. Required o. 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. Journal entry worksheet Received cash of $38,000 from the issue of common stock. Note: Enter debits before credits. Journal entry worksheet Performed $57,000 of services on account. Note: Enter debits before credits. Journal entry worksheet Incurred $8,300 of other operating expenses on account. Note: Enter debits before credits. Journal entry worksheet Paid $30,000 cash for salaries expense. Note: Enter debits before credits. Journal entry worksheet Collected $39,000 of accounts receivable. Note: Enter debits before credits. Journal entry worksheet Paid a $3,900 dividend to the stockholders. Note: Enter debits before credits. Journal entry worksheet D E Performed $10,400 of services for cash. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Service Revenue \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Dividends } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Service Revenue \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Debit } & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Salaries Expyse } \\ \hline Beginning Baiance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Other Operating Expense } \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Determine the amount of total assets at the end of Year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing

Authors: Michael C. Knapp

9th Edition

1133731244, 9781133731245

More Books

Students also viewed these Accounting questions