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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!!
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
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