The following events apply to Montgomery Company for Year 1, its first year of operation:1. Received cash of $46,000 from the issue of common stock.2. Performed $65,000 of services on account.3. Incurred $9,900 of other operating expenses on account.4. Paid $38,000 cash for salaries expense.5. Collected $43,000 of accounts receivable.6. Paid a $4,700 dividend to the stockholders.7. Performed $11,200 of services for cash.8. Paid $7,200 of the accounts payable.Requireda. 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.Req AReq BReq C and DRecord the preceding transactions in general journal form.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction list

Name: The following events apply to Montgomery Company for Year 1, its firs
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Description: The following events apply to Montgomery Company for Year 1, its first year of operation:1. Received cash of $46,000 from the issue of common stock.2. Performed $65,000 of services on account.3. Incurred $9,900 of other operating expenses on account

In U.S. Generally Accepted Accounting Principles (GAAP), journal entries are used to record…

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1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 5. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 3. Paid $7,200 of the accounts payable.

1. Received cash of $46,000 from the issue of common stock. 2. Performed $65,000 of services on account. 3. Incurred $9,900 of other operating expenses on account. 4. Paid $38,000 cash for salaries expense. 5. Collected $43,000 of accounts receivable. 5. Paid a $4,700 dividend to the stockholders. 7. Performed $11,200 of services for cash. 3. Paid $7,200 of the accounts payable.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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